NFTs: What The Funge?!!

So we have been immersed in the cryptoverse for quite some time now. Even the mainstream media has been taken over by news in the cryptoworld specifically the booming games that rocked the world and shook the stability of our economy as a whole.

You might have heard about those games like Axie Infinity, Pegaxy, My DefiPet, or Cryptoblades, those games are games that are using NFT as resources inside the game. Or maybe, you have read about that kid from South East Asia that became a millionaire just by selling his stoic selfies as NFT's.

So, what on Earth is NFT?

NFT

NFT is the short-term for Non-fungible token. Alright, again, what the funge is that? Is it some kind of fungi growing on the internet?

I guess you know by now that I am a big cornball but enough with the jokes with the highest rumor required, let's break down NFT to its very essence.

The keyword here is fungible. According to my dear friend Merriam and her buddy Websterr, fungible is an adjective that describes a good that is mutually interchangeable with another identical item.

Boom, what's that?

Alright, let us take a simple everyday object, for example, let us say I have a piece of gum. A lot of people may have the same kind of gum. Let us say that my good friend Tracy has a piece of gum. If we were to exchange pieces of gum, nothing will really happen, she has a piece of gum, I have a piece of gum. Therefore, in that scenario, the gum is a fungible good.

Another example, for all intent and purposes, let us say that I have 1 BCH on my wallet. I can trade 1 BCH for another BCH and I will basically have the same thing, hence, yep, BCH is a fungible asset.

On the other hand, Non-Fungible Token, means that it is a token or an asset that is virtually and technically unique. It may help to think that NFTs are some type of trading card in which only one copy of each card exists.

NFT Forms

NFTs come in varying forms. An NFT can be an image, a video, a gif, a pet, a weapon, a horse, basically anything but in digital form. Technically, NFT is a unique asset in the blockchain with a unique set of identification codes and metadata. It doesn't matter what their visible form is, they all have these codes and metadata that sort of identify them.

So in a way, an NFT is just a bunch of 1s and 0s after all.

NFT Explosion and Confusion

NFT has become so big that even celebrities are in the mix. But because it has been so big a hit, the reach of the NFTs has grown exponentially. Virtually, anyone can sell their own NFT. We have seen people selling and buying NFTs ranging from thousands to even millions of dollars. Yes, you read it right. Millions of dollars baby! If you don't believe me, you may want to look for "Beeple NFT $69 Million" on the internet.

In the early age of NFTs, I thought that its main goal was to take the industry of fine arts to the digital world. What I mean is those paintings or sculptures being sold for ridiculous prices. They wanted to take that selling and buying of art from the real world to the digital world. Hmmm... another form of money laundering? I don't know... maybe.

They say that NFT is a unique asset right? So if I have an NFT that is let's say a very tasteful photo of one Lexi Lore, does that mean that I have a unique asset? But we all know that copying a simple object such as a photo on the internet is pretty easy. Just right-click the hell out of it and you already have a copy of that NFT.

Yes and no, you may have a copy of the photo but you do not have the NFT, because as we have covered before, the NFT isn't the photo itself, it's the metadata behind the photo.

NFT in Games

NFTs have found another niche where they have flourished even more. Gaming. An Axie is an NFT, a blade is an NFT, a pet is an NFT, and a pegasus is an NFT. I think that NFTs and games are really perfect for each other.

Just like fine art, I am still unable to comprehend and wrap my head around the logic of why a single selfie could cost thousands of dollars. And I will forever scratch my head for it.

Halo there!

How have you been doing? I hope that you are doing well. And of course, I hope that after reading this, you have gathered a new understanding of what NFTs are, I sure did.

What about you though? If you are going to sell something as an NFT, what would you sell? For how much?

Anyway, thanks for reading through here and that's all for me, until we read again...

Cheers!!!

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Series    : All About Crypto
Title     : NFT: What the Funge?!!
Published : 03-Feb-2022
Author :  © RB