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  • Writer's pictureMarkanthony Little

NFTs rise and fall

Updated: Jan 3

NFTs are the latest craze in the crypto world. This is a new form of currency, but it's one that has already started to take off. NFTs represent digital tokens that can be used by anyone and are stored on the blockchain as an ERC20 standard token. They're not limited to being only digital art or jewelry—they can also be used for other things like real estate or even cryptocurrencies themselves!


NFTs are still a new and unregulated field, so it's not surprising that there are some who are skeptical about their long-term viability.

NFTs are still a new and unregulated field, so it's not surprising that there are some who are skeptical about their long-term viability. The first use of NFTs occurred in late 2018, when Luxury Brand Holdings launched an online platform where you could buy "Swiss watches" that didn't exist—they were just digital representations of real timepieces.


This is just one example of how NFTs can be used to create art or collectibles that have no real-world counterpart. But while these items may seem like fun toys for collectors, they also have more serious applications as well: imagine if someone tried to sell you a diamond ring on your phone!


NFTs are new, and the possibilities for using them to create new kinds of art and performances are still being explored.

If this reflects the genuine passion of artists for the objects that they have created, then it is a fairly positive thing.

If this reflects the genuine passion of artists for the objects that they have created, then it is a fairly positive thing. This can be difficult to prove, but there are many examples where people have stated their love for an NFT in public forums and social media. For example, when someone posts an image on Instagram or Twitter with an "I <3 my XOXO" sticker showing off their new purchase, you may notice some people responding positively as well. It's also possible that some people just don't know what an NFT even is yet!


However, if it is just hype and speculation, then it is less exciting. NFTs are a new and exciting field that allows people to own assets that were previously only owned by governments or corporations. For example, you can now buy a piece of artwork for your home or office using Ethereum (ETH) as payment; however, this could be anything from an original painting by Picasso to an actual physical coin made out of gold or silver. The possibilities are endless!


The thing about NFTs is that they're still very much in their infancy—they've been around since Ethereum launched back in 2015 but still haven't become mainstream yet; however there are some who are skeptical about their long-term viability:

"NFTs won't work because they require trust between two parties," said Justin Newton CEO at Coin Central Digital Currency Journal."

That said, there is a large community of users interested in buying NFTs. Many people are excited about the potential of NFTs and see them as an exciting innovation that can help solve problems around ownership. In addition to this community, there are also many businesses out there that offer services related to the buying or selling of these digital assets.


The majority of these businesses are based on the Ethereum blockchain—the same block chain technology that supports most cryptocurrencies like bitcoin and ethereum—and they typically do not require any personal information from their customers when they make an account with them (like you would need with PayPal).



NFTs are here to stay, but they're not going away anytime soon. The market is still evolving and there are many different types of NFTs available in the world today. They can be used for a variety of purposes, ranging from art to real estate and even businesses (like hotels or restaurants).

In my opinion, this trend will only continue as long as people continue to use them—and if you think about it: why wouldn't you? The possibilities are endless!

Conclusion

NFTs are here to stay, and they're not going away anytime soon. There are already some major players in this space, both on the blockchain and off. We hope that this article helped shed light on what NFTs are and why they might be important for society at large.


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