NFTs: The Good and The Bad

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 A few months ago, NFTs were blowing up like crazy. Everybody wanted to invest in them, and it was the main talk for tech enthusiasts for months. They are handy and exciting but have quite a few drawbacks.


First of all, what is an NFT? NFT stands for ‘Non-Fungible Token.’ Fungible means something that can be exchanged or replaced for the same value or divided into smaller pieces that add up to the same value. Some examples of fungible tokens are dollars or bitcoin. NFTs are the complete opposite of these. Every single NFT is unique. It is rare. NFTs use blockchain to ensure who owns the NFT.


This has several advantages. If a person made digital art or videos and released them to the public instantly, they would lose all ownership over that product. This can be done by simple screenshotting or screen recording. But if the person releases it as an NFT, they would have complete ownership over that product. It doesn’t matter if someone screenshots it; the blockchain technology of NFTs will ensure that the person owns it. NFTs can also motivate video game players to play the game more by rewarding them with one-of-a-kind NFTs to which no one else has access. This will allow the players to earn money by playing these games, getting the NFT, and then selling the NFT.


Among these pros, however, lie several cons. First and foremost, if you buy an NFT of, let’s say, a custom-made superhero, you don’t get any rights to it. You can’t make a movie, T.V. show, or any merch of that superhero. You’re not the owner. You have ownership over that NFT. Possessing an NFT is just a little more than bragging rights. Another problem is that these art pieces that are being made are not made by an artist who really put their heart into their painting. Many of these are just made by people in business for cash grabs.


What do you think? Are NFTs helping people, or are they just another way for people to make easy cash?

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