The Rise of NFTs


Liam Kempf

What are NFTs? With the rise in popularity of NFTs in recent months, many may ask themselves what exactly are NFTs? NFT literally stands for non-fungible token, which denotes the fact that they are unique. These tokens are often part of the etheruem blockchain–etheruem being one type of cryptocurrency. Often they are digital art pieces similar to bored ape featured next to the article.

How can NFTs be obtained? NFTs are available online through digital marketplaces such as OpenSea, Axie Infinity, Decentraland, and Rarible. These marketplaces require users to bid on different pieces with cryptocurrency, which can be purchased after setting up a crypto wallet.

How are NFTs unique? One puzzling aspect of these tokens is the fact that they are unique to those that buy them. They are unique because they exist within a blockchain, and therefore have a unique hash value, which acts as a link to the token. Even though it is possible to obtain NFTs by way of screenshots, though they do not have their own has value, which takes away their ability to have value and be bought or sold.

Why would anyone buy NFTs? The unique nature of NFTs is impetus enough for some to purchase the tokens. Having the ability to say that one owns an original or unique piece of art drives many to buy more conventional, tangible artwork, and can be applied to buying NFTs as well. 

What is the future for NFTs? Some project that NFTs could serve a role in the creation of virtual reality spaces known as the metaverse. Perhaps the tokens could serve a larger role in these virtual realities than in our tangible reality. Perhaps NFTs could plummet in value similar to Bitcoin currently. The future of these non-fungible tokens likely will be curious and exciting no matter the outcome.