Blog, Magazine, NFTs, Rambling Thoughts
Why bother with NFTs?
Jul
Why bother with NFTS?
Despite the downturn in the value of crypto currency there is a huge amount of creatives collaborating and building businesses based around NFT’s and crypto tokens. Just the same as many other niche business models there is a line in the sand, one side stand the people that think NFT’s and crypto are scams, the other side are the creators that embrace new technology and the techies that help them build their dreams. This divide is always going to be there, just the same as people that invest in stocks and shares and those that won’t as they think it’s something only for the rich. So my question is, which side of the line is right, will Web3 and NFT’s take over the world?
Please note, this article is written by a creator that is still negotiating the potential of Web3 and NFT’s and all comments and thoughts are personal views and should not be seen as financial advice, just simply a brain dump of thoughts and views.
The short answer is no, NFT’s wont take over the world, yet. This is just the start of something, just the tip of the iceberg. What will change the world is how total strangers are connecting and collaborating with each other to build communities and sustainable business models.
In essence, for me, Web3 a way of defining a concept and it is the foundation to build ideas on. The concept of Web3 creates an opportunity for creative people to join together and combine their skills and build something that is bespoke to them without the need to use centralised platforms with premium costs and commissions.
Take for instance the traditional artist, we have featured some in this magazine, that are looking to expand their audience. They may have the concept in their head and rush off to the web to learn how to create digital copies of their work but then whats next how do they take it that step further how do they start building their audience and creating a space for them to share their work with them.
This can be very daunting and may be a show stopper for them. That is where web3 comes into its own, collaboration and finding people that can help others grow!
So Why Bother with NFT’s?
As a collector you can support an artist, or you can buy to resell to make a profit. You may buy an NFT that has real world rewards, such as buying a Bee NFT and owning a share of a real life Bee Hive, or buying a 3d model that you can then use in the metaverse (such as Spatial or Decenterland).
Some NFT’s act like tickets, they give you access to events on the web and in real life. Think about the last time you booked a holiday and took a plane, its highly likely your boarding pass was an electronic image in an App which was allocated to you and used to access your seat on the plane. That’s what essentially is an NFT. Its a piece of code that that’s owned by you and associated with a digital image which provides access to a service or a product or a download. The big difference is that this technology is now available to individual creators, not just the big established businesses.
Web3 and NFT’s wont be the end of centralised monopolies, but it is the start of an alternative way to navigate around the online world and the start of integrating art with real world benefits as well as proof of ownership. However, until the use of a Wallet becomes safer and crypto easier to understand for none techies plus the visibility of NFTs become simpler, i.e. you don’t have to rely on the NFT platform you bought it from to view your purchase, NFT’s will not become universally accepted. But when they do things will become even more exciting than they are now.
Dont sit on the fence, do your own homework and get in on the ground floor of somethig special!
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