Spreading around the internet at unbelievable speeds, NFTs are a new investing craze that on the surface seem to be growing in the same way as cryptocurrency, but what’s the truth?

NFTs, or “Non-Fungible Tokens” are purchasable using the cryptocurrency “Ethereum.” While on the surface, NFT owners like to claim that purchasing an NFT means they own the image, or gif, or whatever format it is, in reality, they only actually own the “receipt” to the image.

NFTs are most often purchased on the website opensea.io, where people are able to upload images or gifs as NFTs (or they could also just steal other people’s art and sell them as NFTs).
Most people that do make their own “art” as NFTs can barely be classified as art as they use the same base model and create dozens of different variations, only to randomize them all together and sell the hundreds, or even thousands of different yet similar images.

Many famous people have bought into the craze, such as Eminem, Dez Bryant, Justin Bieber, and others. Bieber purchased the “Bored Ape” for a whopping $1.29 million and a second one for $470 thousand.

NFTs have gained immense hatred from some because of people who do anything to sell, such as when Stan Lee’s Twitter account was used to advertise NFTs, or when someone made an NFT collection based on the late George Floyd.

It’s gotten so big, even YouTube is considering implementing NFTs. They are also now being considered for use in things such as video games and even the metaverse. This would entail virtual property, which is an odd concept.

The utilization of NFTs has been full of controversy, such as when Ubisoft began to utilize NFTs in their games. They put out a statement saying that it was the future, but the majority of people seemed to disagree strongly.

Conclusively, while the majority of people who know about NFTs dislike them, companies are very excited about the chance to make more money, similarly to how in-app purchases started.

Hopefully, if NFTs do truly become normal, they don’t become intrusive.

Visit the following links for more information and examples:

• NFTs Explained
• 10 Best Examples of NFTs