NFTs 2

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Good evening everyone, I hope you all had a great day. I did too with tons of work that I did today. Woke up to my laundry this morning and didn't finish it until late this afternoon before I got the rest I needed which I just got up from. It's definitely going to be a long night because I have substituted my night rest for am afternoon nap. It's all well tho, I started this topic yesterday and I have no idea when I'm going to end it but I don't think it's anytime soon provided that my people here are learning and I'm earning, then we keep grinding.

Before I continue, take a brief look at my sponsors, they give the best contents and you might want to learn one or two from their pages.

NFTs continues...

I promised to talk more about the psychological hype behind this tech or concept and if you're yet to read the introduction to NFTs, you can do that from the link to have a proper understanding and overview of what I'm talking about here.

The psychological hype

Right from time, humans grow interest in certain things and these things differ from person to person but it's seen that what we tend to value in recent times seems to be changing due to the advancement in technology, we want people to know how wealthy we are and that's the reason behind the NFTs concept. I talked about Blockchain in the previous article, it validates transaction data and it's different from the bank because not just one computer or person validates the data on the Blockchain but a series of computers all over the world where it is shown to everyone how transactions are made. This is exactly the concept brought into NFTs, since we can send transaction data from person to person and it's being validated by quite a number of other computers around the world, why can't I sell the certificate of ownership of whatever NFT I want to? The Blockchain just validates the sell and purchase data and this is why people want to buy expensive artworks, video clips and so on at a very high price.

Another question that's frequently asked is "can I just sell any picture as an NFT?" Well, you can mint any picture as an NFT. You can feel you look so beautiful and someone would love to own your picture, but I'll tell you that you won't sell fast or it might go for a cheap price, not that you're not beautiful but there's really no emotional attachment to that picture. What do I mean?

An jpeg was sold for $69,346,250. Wow 😳 that's a huge amount for just a jpeg and you would wonder who would spend so much on just a jpeg.

A gif that sold for $69.3 million

Photo credits

The reason behind this insane price is the emotional value, this gif was made by an artist who collected all his first 5000 artworks into just one gif. How valuable is that? I'd definitely value this more than just a random person's picture that I see in the market. Emotional value keeps the price high.

The first ever tweet by Jack Dorsey on March 22, 2006 was also sold as an NFT for $2,915,835.47. The fact that it is the first tweet ever on a popular social media, tweeter makes it this expensive. What was said in the tweet isn't what gave it the value, it's the age and how adorable it is to own the first tweet ever that gave it that value. This tweet was bought by Sina Estavi, Malaysia based Blockchain technology company bridge Oracle CEO.

We all value different things but there must be an emotional attachment, if you can find the emotional attachment of most people, you'd definitely sell on the NFT market. I'm on the search of @MarcDeMesel 's emotional attachments🤣🤣🤣, probably he'd buy my NFT too...

To be continued...

Thanks for reading ❤️