One of the hottest new trends online is the emergence of NFTs, also known as Non-Fungible Tokens. An NFT is a digital file, such as a piece of artwork, a song, or a video (among other things) that has a full record of digital ownership, similar to the providence that would come with an original painting. This means that, although other copies may exist, only one person truly “owns” the file in question. They’re purchased on digital exchanges using cryptocurrencies, such as Ethereum. (For more information, to check current prices, or to purchase crypto, please visit okx.com)
Some non-NFT users often question why the tokens have become so popular over the past few years. They log into Twitter and see a quote tweet dunking on someone for spending thousands of dollars worth of Ethereum on a Bored Ape and, oftentimes, don’t take time to actually consider the value of owning an NFT. They’ll joke about taking a screenshot of an NFT and equate it to actual ownership – a notion that is equally as silly as claiming the pictures taking photos on an iPhone 8 at the Louvre a few summers ago is equal to owning the Mona Lisa.
In early 2020, the band Kings of Leon released their album When You See Yourself as an NFT, meaning only a certain number of copies can ever exist for that particular album, and, more importantly, it allowed the band’s fans to support the artists directly, instead of a majority of the purchase price going to various record companies and music executives.
Crypto expert and enthusiast Laura Shins, who wrote the book “The Cryptopians: Idealism, Greed, Lies, and the Making of the First Big Cryptocurrency Craze,” and hosts a crypto podcast, has been a longtime fan of the band and purchased the album, saying “I just wanted to buy it the way I want to buy anything else. It wasn’t an investment. It was like an emotional thing. And that’s what a lot of NFTs are.”
This is an important point that NFT detractors often miss – they aren’t always an investment opportunity (although they can be). Some people buy NFTs because they like the artwork, they want to support the actual artists, or because they want to be part of something. The Bored Ape Yacht Club is a group of people who have purchased NFTs from a certain set and includes members such as NBA star Stephen Curry, NBC host James Fallon, and socialite Paris Hilton. Being a member of the club allows exclusive access to members-only parties, among other benefits.
In early 2019, most people had never heard of non-fungible tokens and certainly had no clue what they were. Three years later, however, NFTs have exploded into a billion-dollar industry. Economists and finance experts don’t agree on a lot, but one thing almost all of them are certain of is that NFTs will still be around in 20 years and even longer. As long as content creators continue creating content, the NFT industry will be alive and well on the internet. Moreover, another reason why NFTs are so popular is that they invest in marketing. And if you have an NFT collection to promote, the best way to do so is to reach out to a specialized crypto ad network to promote your NFT project The leader in the crypto ad networks space is Coinzilla.
