The Age of NFTs is Around the Corner

Non-fungible tokens, or NFTs are unique digital items that exist in the Ethereum blockchain. The term non-fungible stems from the fact that these tokens are one of a kind, two NFTs can’t be the same. Currently, they mainly take the form of digital art, but they can be just about anything involving data, such as music or even Tweets. NFTs are currently being hyped up as the next big phenomenon in trading. 

Digital art auctions through NFTs are now becoming more and more popular. Logan Paul has sold $5 million worth of his personalized Pokemon cards, and Twitter CEO Jack Dorsey sold an NFT of his first Tweet for $2.9 million. NFTs have even become an opportunity for artists to monetize unreleased works. The Weeknd is putting up an NFT of one of his unreleased songs up for auction. However, buying an NFT of an artist’s copyrighted work does not grant the buyer the copyright, it still belongs to the previous copyright holder. This has actually led to controversy, as anyone can make an NFT of a work, whether or not the work belongs to them legally. 

NFTs are a relatively new item, so it will be interesting to see how they evolve over time. There have been discussions about the practicality of NFTs as ways to organize sweepstakes and give a new form of unique identification for individuals and groups. There are still many questions, such as how to prevent people from making NFTs for items that don’t belong to them or how they will be regulated in different territories around the world. Many of the same conversations that have been going on with cryptocurrencies will now include NFTs as well. NFTs are undoubtedly going to be a hot topic for innovators and entrepreneurs for years to come.