The Rise of NFT: What You Need to Know

The Rise of NFT: What You Need to Know

Table of contents

No heading

No headings in the article.

The journey has barely begun and there seems to be so much happening within the NFT space that has made many so excited, while some other persons are left in the dark wondering what is going on.

The craze for the minting and acquisition of NFT was stoked by an exhibition by Beeple, a digital artist, who sold his NFT for a whooping sum of $68 million. yea, that is sixty-eight with six long zero preceded by the currency symbol of the United State of America. That's huge! Ever since that conspicuous turn in the fate of everything digital assets, all shani and bani had minted and sold their own NFT at good profits, with more NFT being released every other second.

Suppose you have never heard of NFT. The acronym stands for Non-Fungible Token. "a non-interchangeable unit of data stored on a blockchain, a form of digital ledger, that can be sold and traded", according to Wikipedia. What this means is that any digital product associated with an NFT can be uniquely identified.

While some analysts consider the recent popularity of the NFT as being highly speculative, others recognize the immediate need for its application, mostly in curbing digital piracy and establishing the authenticity of digital assets.

For instance, if a musical artist releases x copy of his album online as NFT. that number would never be duplicated by anyone, and ownership and transfers can be tracked. It is worthy of note that most creators today are broke because others enjoy their works for free without doing as much as giving them credit for it.

But is this all there is about the buzz surrounding the NFT? the answer would be a big No. There is more to the recent scrambling for the NFT than glamouring to keep digital pirates out of business. It has to do with the Metaverse; It is more about who owns the most of a virtual world that is yet to come.

Don't worry if you never heard of the Metaverse. you can get all the necessary information here.

Another question to ask is how soon will this lucid expectation of a digital world materialize? Perhaps that would prompt us to do some serious introspection.

Recently, Facebook bemoaned the bottlenecks its ambiguous ambition of creating the metaverse was facing.

“Creating a true sense of presence in virtual worlds delivered to smart glasses and VR headsets will require massive advances in connectivity," Meta CEO, Mark Zuckerberg

Available data proves that the present state of network infrastructure, network protocol, hardware devices, software contact, and operating systems still lag far behind in catching up with the technologies needed to support the metaverse. The large-scale adoption of 5G is crucial in ushering in the Web3 upon which the interoperability of the metaverse is dependent. And that too is performing well below expectations.

With the likes of Elon Musk thinking that Web3 is just another marketing gimmick that is far from the realities of today's technology, one may think that the idea of a virtual world, where NFT will be highly valued, is merely a pipe dream. But, on the contrary, companies like Facebook, Microsoft, Nvidia, Shopify, etc are making massive investments in creating a world parallel to Zuckerberg's visions.

NFT undoubtedly has great potential. However, it is uncertain what economic impact it is going to have on the global economy. At least, not in the foreseeable future. Most of these NFT collected are reported to be displayed as digital assets in the Metaverse. Sadly, at the moment, the real Metaverse is nothing but a concept that only exists on paper.

Though There has been an astronomical rise in the acquisition of virtual assets in gaming that has enshrined NFT as a futuristic commodity, some pessimistic analysts have designated the NFT as unlikely to sustain its value, with the more aggressive haters of the torrent phenomena labeling it as a 'Ponzi scheme' and a disaster waiting to happen.

Well, when it comes to Innovation, there is no certainty. since none of us really knows what will be the outcome of this, many people are willing to take risks to secure themselves a spot in the Virtual space by investing in NFT. perhaps, in the future, they might cash in big on their investment.

If you have already jumped on the wagon of collecting digital art for the long term, it is okay, as long as you have come to terms with the current state of things.

I am going to leave you with a famous quote from a reputed General, Frederick Corbin Blesse:

No guts, no glory