Showing posts with label NFT. Show all posts
Showing posts with label NFT. Show all posts

Friday, December 3, 2021

Is NFT a Scam ?

 

For the past few months, 

the buzzword in cyberspace is NFT .

... non-fungible token ....


According to Wikipedia, NFT is a unique

and non-interchangeable unit of data stored 

on a digital ledger. NFTs can be associated 

with easily-reproducible items such as photos, 

videos, audio, and other types of digital files 

as unique items, and use blockchain technology 

to give the NFT a public proof of ownership.


An NFT is a digital asset stored on the blockchain. 

These assets hold information, like descriptions,

properties, and media files. NFTs are unique, 

one-of-a-kind, and non-interchangeable.


The history of every NFT is recorded on 

the blockchain, meaning buyers can prove their 

ownership and creators can receive royalties 

every time their work is re-sold. 


NFTs can be traded on marketplaces, 

proudly displayed in online galleries or used

to access exclusive content & real-life experiences.









People are paying CRAZY SUMS of money

to buy a piece of NFT online .... even to the

tune of Millions of Dollars !!


This is where the paradigm shift comes in 

- NFT is a form of digital art and the most 

expensive Crypto Punk (technically, it's an 

image of a pixelized picture) was sold for 

$11 million dollars! It's not a car, there are 

a total of 10,000 units that are each unique 


This is just like a repeat of the dotcome era,

and how people went berserk over Cryptos .


While many Marketplaces have surfaced

to buy and sell these NFTs, more and more

categories of NFTs have also been added 

..... art, music, domain names, virtual worlds,

trading cards, collectibles, sports, utility, etc

....on the flip side, there are also parallel 

marketplaces where you can buy a Clone Copy !!


So is this NFT thing a trend ... a Scam ?