Here’s what people really think about Non Fungible Tokens (NFTs) / Digital Information World
In a recent article on the rise of non-fungible tokens (NFTs), a tech blogger wrote the following:
âNFTs can be stupid. A lot. But they are not as stupid as their critics would have them believe.â
It’s hardly a ringing endorsement. On the other hand, new ideas are difficult to explain to the uninitiated, especially when those ideas undermine everything we “know” about property, property, and value.
So here’s a closer look at the wonderful (and slightly surreal) world of NFTs. It includes several charts and tables from CashNetUSA. You rank the Countries with the greatest interest in NFTs. And there’s a breakdown of the world’s most desirable NFTs.
But first of all, is WTF an NFT?
A non-fungible token (or NFT) is a digital asset. It can be a digital artwork, an in-game item (such as an exclusive character skin), a video clip, a GIF, or even a tweet. Crypto entrepreneur Sina Estavi bought Jack Dorsey’s very first tweet as an NFT for $2.9 million.
Since you cannot physically hold digital assets, ownership is recorded on the blockchain. Blockchains are decentralized, immutable records of digital transactions performed on linked peer-to-peer computer networks.
Essentially, an NFT is proof of ownership. It’s like a certificate (only in digital form) that says you are the rightful owner of an asset.
You may sell or trade the NFT with other interested parties. Or you hold onto it (or hodl, as crypto enthusiasts like to say) in hopes that your NFT will appreciate in value.
Are NFTs valuable?
When people are willing to buy and sell something, it automatically has value. NFTs are no different. The question is, are they inherently valuable, ie do they have inherent qualities that people find useful or desirable?
Some would argue yes.
Non-Replaceable means that an item is not interchangeable or substitutable with another identical item. For example, a dollar bill is fungible. You can trade one dollar bills with your friend and they each still have one dollar. And the shopkeepers don’t care if you pay for their goods with “your dollar bill” or your “friend’s” dollar bill.
A Picasso painting is not justifiable. It was only painted once and always will be. This is what makes great works of art so unique, irreplaceable and valuable.
The same principles apply to an NFT; an NFT can only be minted once. Anything after that could be considered a copy, scam or fake.
Are NFTS a fad?
From Initial Coin Offerings (ICOs) to the ill-fated Squid Game coin, the crypto space has had its fair share of “hot” projects that quickly went to zero.
Max Keizer is a Bitcoin evangelist and host of the Orange Bill Podcast. He’s also a big NFT skeptic:
“They are garbage,” Keizer said in a recent interview. âWhen you ‘buy’ an NFT, you are essentially making a charitable donation to the seller. You don’t get real ownership. It’s like paying to download a JPEG and then saying you own the image. NFTs are dumb and dumb.â
Others are far more optimistic.
“NFTs are another step towards ‘going digital’ of everything,” says former Goldman Sachs broker Raoul Pal. âInnovations like Metaverse and Decentraland will revolutionize how we think about ownership and existence in digital spaces. For future generations, owning an object in the digital world will be no different than owning it in the ‘real’ world.â
Countries hot for NFTs
Singapore is on board with the idea of ââdigital assets. The global business hub leads in NFT interest based on the number of online searches. According to CashNetUSA research, there are 18,717 NFT searches per million Singaporeans.
Even the leaders of the nation are involved! Singapore’s Speaker of Parliament sold NFTs of his landscape photography to raise money for charity. But the speaker had a few words of caution for those who see NFTs as a get-rich-quick opportunity:
“You really have to know what you’re doing,” says Tan Chuan-Jin. “If you’re not comfortable with that, don’t come near it. Like Bitcoin, the NFT space is highly volatile. Proceed with caution and only ever invest what you can afford.â
With 18,313 searches, Hong Kong is next on the list of countries hot for NFTs. Canada (13,388), Iceland (11,194) and the US (10,677) complete the top five.
Countries that love NFTs
If you want to know what people really think about something these days, there’s only one place to go: Twitter!
CashNetUSA researchers used the power of the Hugging Face AI platform to analyze the tones and sentiment of NFT tweets from around the world.
The results show that Montenegro is the most NFT-friendly nation in the world; 862 out of 1,000 NFT tweets from the Balkan state were positive.
Montenegro’s direct neighbor Bosnia is in second place (788 positive tweets), followed by Luxembourg (781), Cuba (729) and Curacao (718).
Poland is home to the largest percentage of NFT haters. Almost a quarter of NFT tweets from Poland are negative.
Many Poles were particularly unimpressed when Dorota Rabczewska decided to transition into an NFTs. Better known by her stage name Doda, Rabczewska took a 3D scan of her entire body. She then divided these into 406 individual parts, which can now be bought or sold as non-fungible tokens.
The starting price for an NFT of the singer’s arms and back was $200. NFTs of “intimate” areas — or what Doba called her “rarest” areas — can cost as much as $75,000.
Nicaragua, Belize, Trinidad and Tobago and Barbados all have high percentages of negative NFT tweets. So far, none of their national stars have tried to sell body parts to fans.
The World’s Most Wanted NFT Collectibles
Axie Infinity online video game is the world’s most popular NFT platform. It was the most searched NFT provider in 112 countries including Mexico, Brazil, Turkey and Sweden. Developed by Vietnamese studio Sky Mavis, Axie Infinity players collect and mint NFTs of digital pets known as Axies.
Decentraland is the most searched in 43 countries, making it the second most popular NFT platform globally. Decentraland is a browser for virtual 3D worlds. Users buy virtual lots on the platform as NFTs using Decentraland’s MANA cryptocurrency. The most expensive virtual property in Decentraland is now worth a whopping $3.5 million in MANA!
These non-fungible tokens have not yet been decided. Are NFTs the 21st Century Version of the Emperor’s New Clothes? Or are they the beginnings of a completely new kind of virtual economy? We have to wait!
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