The “breakthrough moment” for NFTs, or “non-fungible tokens,” has arrived.
They’ve gone from being mostly oddities to more common collectibles in the last few months alone. According to the website NFT Stats, people spent nearly $195 million buying nearly 93,700 NFTs on Thursday alone, while Influencer Marketing Hub in Denmark reports that the third quarter of 2021 saw NFT trading volume total nearly $11 billion. Many people have never heard of them, and even fewer have any idea what they are or why they matter.
My parents serve as a great example of this.
Until recently, they had never heard of Non-Fictional Texts (NFTs). We were using a deck of Bicycle brand cards, which we’ve kept in our gaming drawer for years, and Bicycle just released its first-ever NFT collection at the same time we were playing. The Genesis Collection is a deck of cards that has been time-traveled by a thousand years.
- I thought it would be a great opportunity to teach. But after just 20 minutes of conversation, I realised that I needed the help of a real expert.
“NFT stands for non-fungible token, Ian Utile explained over a Zoom call with my parents. In addition to co-founding NFT-NYC, Utile is the CEO of Attention Live and the co-founder of NFT-NYC. “Because it’s non-fungible, you’re the only one who can own it,” says the dictionary.
However, I’m curious as to what “it” is that you possess. My Mom inquired in a soft voice.
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“When you buy a car, you get a pink slip.
As an illustration, let’s take a look at this zany Joker. Utile said that the pink slip gives the driver and seller the right to drive and sell the car. Take another Joker card as a title or deed to your home. You get a deed or title when you buy a house, and that’s your receipt for ownership, which includes the right to live in and sell the home,” he continued.
An NFT is a digital asset, or what technologists call a crypto-collectible:
according to Utile, and receiving this digital asset gives you proof that you own something rare, as well as the right to use the scarce resource in any way you see fit. Displaying NFTs on screens “like artwork” is something some people do, Utile said.
What do you call a piece of paper that has no value?
- Spending money on collectibles has long been a popular pastime for many people. How do NFTs measure up
- The first-ever NFT collection by Bicycle was recently released. The Genesis Collection is a deck of cards that has been time-traveled by a thousand years.
- It was only recently that Bicycle unveiled its first-ever NFT line. The Genesis Collection is a deck of cards that has been transformed over the course of a millennium into the… Playing Cards for Bicyclists
To put it another way, you might be the only person in the world with the NFT Ace of Spades or Queen of Hearts from Bicycles.
You could then watch it on one of the new, high-tech screens designed to show off NFTs, the kind of futuristic artwork that’s becoming increasingly popular. As Utile pointed out, “NFTs ownership could be passed down to future generations.”
Utile’s father inquired, “Should we buy one?”
Utile’s response was, “This is still a very, very new industry.” Everyone has a guess as to what will happen, but I do believe that those who are comfortable should make investments in projects they understand and in which they are willing to take a risk, if the opportunity arises. One could argue that buying a house or car is similar to gambling in the sense that you’re betting on the value of the asset and its ability to retain its value over time.
- “To my parents’ delight, I announced that I now understood Utile’s explanation and was on my way to becoming the metaverse’s foremost crytpo queen.
I told her that my mother wouldn’t go quite that far.
“He said, “I don’t know, I could get pretty interested in that King of Diamonds,” before adding, “Who wants to play Rummy
- Images on the internet can fetch tens of thousands of dollars each.
Consumer tech columnist Jennifer Jolly has been nominated for an Emmy Award. Send an email to [email protected] Her Twitter handle is @JenniferJolly.. Opinions expressed here are those of the author alone and do not represent the views of USA TODAY.