October 01, 2023

By Afzal

NFT might die as a trade but will live as a tech.

Recently Rolling Stone published an article about how NFTs are dead sparking a debate, so I thought this might be the right time to write about a topic that I wanted to talk about for some time which is how the majority of the people who aren’t from the NFT space have this perception about NFT which is not very much true. To be literal an NFT stands for Non-Fungible Token and the definition is: A non-fungible token (NFT) is a unique digital identifier that is recorded on a blockchain, and is used to certify ownership and authenticity. It cannot be copied, substituted, or subdivided.

The general perception about NFT:

“NFT is an art scam.”

“NFT is a trade market.”

“NFT is for making money.”

“NFT is a Ponzi Scheme.”

“NFT is how people make money by selling profile pictures.”

Most people think of NFT as an art market that was worth millions once and now is worthless, perception is mainly around trade and money-making, it’s all about economics. And if there’s perception there’s existence it’s not the people’s fault, it’s because they saw the hype and all the crazy greed trade. But just like cryptocurrency, this was never the vision it’s the greed of the people that we came this way, and if we are looking at NFT with this lens. Then yes, it will eventually die but if we are looking at it for what it really is: A tech that innovates in the domain of ownership and authenticity. It will stay, we will see a day when the current market won’t be there, but NFT as a tech will be there assisting people in verifying ownership and authenticity across various domains, not limited to digital images. Genuine art communities will also continue to thrive. What would die would be the trade, not the tech.

Thank you!

Newsletter | Mint | 𝕏 | Instagram | LinkedIn