The Wonders Behind the Horrors of NFTs

Are you still puzzled about whether NFTs are actually good or bad? You may have heard a thing or two about NFTs. There are many fairy-tale-like stories of how NFTs can turn a person into a millionaire in one night. However, most recent news mainly stated that NFTs are bad for investment. Because of that, people started to doubt the value of NFTs.

The negative predicate for NFTs is mainly because of how unstable NFTs were as investments. The price of NFTs is highly unpredictable, as they are tied to how many people are willing to pay for them—if no people are willing to pay, it’ll have no value.

For instance, in March 2021, Sina Estavi purchased the NFT of Twitter’s co-founder Jack Dorsey’s first-ever tweet for $2.9 million. But a year later, when Estavi wanted to sell it, no one was willing to pay dearly for the NFT. The highest bid was only $280, while the lowest was $6. The price of the NFT fell drastically by 99%.

This terrifying story may become a lesson for us to be more careful in investing, but this should not make us easy to judge that NFTs are bad. Because, the appearance of NFTs can profoundly change how we do various digital activities. Here are the lists of what NFTs can do!

1. In the art field, NFTs are a splendid way for artists to make money from their artwork and gather an enthusiastic fan base.
2. In the medical field, your birth certificate can also be issued via NFT, and this token will also hold all of the medical records that can’t be forged.
3. In the academic field, NFTs can ensure the certificate’s authenticity or be used as proof of attendance in college or school.
4. In the gaming industry, gamers can have complete control over their game assets and be free to trade, sell or keep them.
5. In everyday life, NFTs can be used to tokenize real-world items, such as real estate listings, musical albums, and many more.
6. In the future digital world, there’s a term called Decentralized Identifiers, or DIDs, which allows us to solidify our identities on the internet and securely do important activities like paying taxes, ordering goods, renewing our licenses, etc.

Despite the horrors, NFTs still have much promising possibilities. Without a doubt, this technology is going to be a part of our future. As such, it’s a great idea to start familiarizing yourself with it.

So, do you have an NFT yet? If not, then now is the ideal time to get your first NFT!