If you have been in this blog for some time, you will surely know that I am not really into NFTs. NFT stands for Non-fungible Token and to put it simply – they are tokens that are unique and cannot be replaced with another tokens. So if you MINT an NFT on a blockchain, the NFT is kept “forever” on the blockchain and it cannot be replaced as it is unique. And the NFTs we are talking about are usually art. So if I create a JPG artwork and then mint that JPG into a NFT, it is uniquely mine and even if someone copies the JPG, it is still not the same JPG as the one that I minted. If that makes any sense to you, well great. You basically understood why people are now into NFTs. However I am certainly not one into NFTs. I have never bought an NFT myself and I don’t intend to. Pretty contended to just check out little projects on the Internet and seeing which I can make some money from. And yes I am still doing trading on the various exchanges.
With that said, it seems that a lot of projects are going to the NFT route. Even Ripple has announced that they are starting a 250 million dollar fund to mint art on their XRP Ledger. And if you have been watching the cryptosphere for some time, you would have seen numerous articles on record prices for NFTs that were being sold. These are usually collectibles which will in turn have some increased value in the future. Hey I don’t mind having some NBA collectibles myself as I am a big Boston Celtics fan. But honestly I find NFTs quite a hassle and seeing that there are just so many NFTs in different blockchains out there. Plus you have to pay for gas fees even after you purchase the NFT. You might not even have some spare tokens for that blockchain either. Quite a hassle if you ask me.
But of course if you are wondering whether I am interested in investing in platforms that actively support NFTs, I would say a definite YES! It is not that I do not see the value of NFTs, it is that I am not a real big fan of art and I find it too troublesome. If others see the value in NFTs, they will surely be demand for the tokens supporting these blockchains. And if there are increased demands for these tokens, the value will almost certainly rise. Tezos is one of the projects I have been eyeing for some time. I think this has great potential and they are posed to be one of the bigger players for NFTs. Yes I know that there might be some controversy behind the Tezos project. Their whitepaper and their core principles seem to be very different from what they are doing now. But if we were to put this aside and concentrate on their efforts now, I think they do have a lot of potential for growth. Of course this is just me.