What is an NFT?
An NFT, or “non-fungible token” is a specialized set of data that defines an image, animation, website, or any other kind of data out there that we can cram into a code. We’ve seen a major trend towards collecting and displaying these from profile pictures to online character customization in virtual space. Just like in the real world, they are a way to show off one’s status, creativity, and preference in a way that hasn’t been seen before. When you think of what the internet would be like if it was built today, you should think of blockchain technology with tradable NFTs. The future is now and everyone can buy in.
Some benefits of NFT markets include the digital transfer of original ownership, a new marketplace to support small artists, and bragging rights of owning something big that may appreciate in value. Having an NFT registered in your name gives you undeniable digital ownership over an exact block of code though the owner may have the physical copyrights to that piece. This always provides a new way for small artists to sell work that otherwise wouldn’t have a place. This holds even more value knowing some of the basic works are being sold for thousands of dollars. Finally, collectors and artists have a space where they can create, register, and sell with little paperwork or market experience, not to mention the exchange fees NFTs allow so if the art goes up in value the original artist may benefit from it.
Creativity is needed in the age of online games and avatar profiles. These NFTs allow for customization on player presets that can be plugged into virtual spaces for an easily built character that reflects your own personality. Custom skins in virtual spaces can be seen as high as $600 USD for something basic, where NFTs can allow for a full character design for only a few hundred or even lower. This is an important fact to understand as the world moves closer to virtual developments and online worlds.
With new technologies and ways of exchange emerging it has been compared to the wild west. Companies are reaching 10 million dollar market caps in a matter of minutes. People are trading their life savings for virtual currencies to escape inflation. NFTs are making people rich for drawing a few well-placed lines on a paint.exe file. This is truly the next step in technology and information exchange.
Lastly, as a major advocate of online games, I would like to mention SafeHamsters new NFT line. Another style of NFT emerging quicker than ever is GameFi. Like avatars in virtual space, these gaming NFTs can be used to customize characters and build your own hamster friend just the way you like. Some may help with investments as a plug and play farming enhancement and some may help with gaming and plug into the arena for a player versus player battle where you can compete on the leader boards. You can use this as a social media profile and even trade it right on your SafeHamsters NFT marketplace some day. The future technology of character customization will be available in the form of a cute, friendly, customizable hamster friend. As of August 21, 2021, this can be yours.
