I have not come to talk too much or to sing you lullabies in other to make you sleep rather I am here to draw your attention to my observations about NFTs and the reason why they will become the Bomb of the crypto world. If you will give me your time, I will be happy to open your eyes a little to what you might be missing especially if you are yet to dive into the ocean of NFT. I believe you already know what NFT means but for the sake of my brothers and sisters who are new in the crypto space, I will try to give a little explanation of what NFT is all about.
NFT
The one thing you must know is that it is nothing but a Non-Fungible Token. Just the same way I got a bit confused about what Non Fungible means, that is the same way I believe a lot of my friends out there will be therefore, I will try to throw more light on what Non Fungible means.
Disclaimer: I am not yet an expert in the field of NFTs therefore, if in the course of this post and the explanation I intend to give there seems to be a misconception, please I am very much open to learn and relearn.
Having said that let me try and use the dictionary for a better explanation which should lead us to a better understanding. The first question that will lead us to the right path is; what is the meaning of FUNGIBLE as a word?
Fungible
According to the dictionary, meaning; fungible is described as a commodity or good that is freely interchangeable for or replaceable by another of like nature or kind in the satisfaction of an obligation. Let me use an instance to throw more light on that definition. A man went into a bar to have some shots of whisky but he was told by the bartender that whisky was out of stock. The man asked the bartender if he had anything else strong and the bartender offered him a shot of brandy which he gladly took to quench his thirst.
Looking at the two types of drink whisky and brandy, you will understand that both of them are interchangeable and of like nature. That was why the man took brandy as a replacement for whisky which he wanted to have originally. Let me give you another instance. Imagine walking into a fast-food joint to buy some pieces of fried chicken but on getting to the counter, you were told that fried chicken has finished or that it was not ready yet and you were giving an option of roasted chicken (rotisserie). Since you are in a hurry and you wanted to have some pieces of chicken to eat at home, you will not hesitate to buy the roasted chicken. Both the roasted chicken and the fried chicken are fungible commodities and can be interchanged by each other. BCH and USD are fungible commodities and that is why you can always swap your BCH to your local fiat.
I believe with these little instances above you have been able to understand what fungible commodities mean. Now, when you hear Non-Fungible, it means commodities that are not interchangeable or of like nature. Examples of such commodities are your home furniture, your computer, your brain etc. These and many others are things that are of unique properties cannot be interchanged by or with any other thing. Imagine trying to interchange your furniture with a plate of food, will seat on the food when the time comes for you or your visitors to sit down? Just imagine selling your brain for a pack of pizza. Will you be able to think with the pizza when it is time to use your brain? You see, this is why NFTs have such great uniqueness that you cannot have two NFTs of like nature. The latest Puffers NFT which was launched in smartbch and the latest Satoshiverse NFT which was launched in Binance have their unique property, which is why I think that NFTs are going to blow up the crypto space.
Have you asked yourself why NFTs seems to be gaining more ground and general adoption and in most cases, they are even sold at a very high price not minding how old it has been in existence? I am aware of a newly launched Satoshisverse NFT that is auctioning at 10,000 USD even though it was newly created. One thing I have observed about NFT is that it gives a definite meaning to the buyer’s assets. What do I mean by that? Before the coming of NFTs, we have been buying different tokens and coins which come in form of digits but NFTs have come to give more meaning to tokens and coins through what I call Pictorial Essence. Now, you can be able to showcase your NFT assets to your friends and even create a beautiful wallet collection with them.
I believe this is why a lot of people are diving into the ocean of NFTs just to have a taste of its unique beauty and Essence. Have you purchased some NFTs or are you still sceptical about it? Do yourself better by investing in NFTs. Don’t forget that you must do your research in other not to invest in something of less value.
The recently launched Puffers NFTs have sold out already and that is one of the beauties of NFTs. It is not like coins or tokens that will have an unending supply which makes it very hard for a price increase. I will always look out for NFTs with limited versions because that is where the money is but you must take utmost care not to run into scams. Don’t forget that this is not a piece of financial advice, therefore trade carefully.
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The NFTs are coming to revolutionize the world once again, we must be careful because there is also a lot of speculation about it and unscrupulous people can scam you and take your money. I have very little to invest, but I am not worried because the NFT world is just starting and there is still a long way to go, I am ready for that race.