NFT – The new craze?

For a content creator in this millennium, it seems more avenues are opening up for selling their craft. The recent hubbub has developed regarding the NFTs (Non-fungible token), as various esteemed names in Electronic industry are already diving into this trend. But a lot of common people are probably scratching their heads off now – what is this NFT? Well, allow me to explain in the most layman terms possible, without meandering further.

Readers might be aware of cryptocurrency such as Bitcoin or Ethereum. Now, those are Fungible Tokens, as they can be traded for each other in any volume. So the opposite would mean things that can’t be traded for unlimited times right? If you get this concept, that’s what NFT is basically. It can vary from a musician bidding his song or a digital sticker being sold by a graphic designer. Anything art, more or less. The bidders (the public investing with cryptos) get something unique as reward for their betting, that apparently cannot be copied over (doubtable, in this day and age). Imagine auctions minus men in posh tuxes or an auctioneer hyping the attending crowd for selling a specific item for as much amount as possible.

NFT

Obviously my translation has missed a significant chunk of details; pardon me, I am no tech-head myself. But the wildfire has spread immensely. A case worth mentioning is of American record-producer 3LAU, as he gathered over 3.6 million USD. Other aliases like Steve Aoki, Disclosure, Dillion Francis, Flume have already jumped aboard this greenback-rich bandwagon.

Debating existence of trading anything for exceptional amounts is a gray area. On one hand, we all know how artists barely make money through streaming platforms and other sources. Yet, sparing a large amount of cash on supposedly replicable art isn’t in everybody’s best interest, and thus may create alienation among fans from various walks of life. Whatever the case maybe, NFTs seem to be an interesting development for the upcoming times.