The internet has changed dramatically since its inception due to technological advancements. The internet is always evolving and today, we can no longer imagine a world without the internet. What started as a “read-only web”, the internet has now reached new heights with Web3. Recently, Non-Fungible Tokens (NFTs) have gained quite a bit of buzz online, with sales volumes increasing rapidly and at insanely high prices, indicating that people really place a high value on these items.
Is NFT a scam? Is it really worth the prices it's been selling for on the digital market? Before jumping into conclusions whether it's a scam, or if it's truly worth our money, or if it's just a hype, let's have a look at what NFT actually is.
NFTs (Non-Fungible Tokens) are a form of digital asset that serves as an online certificate of ownership and can be uniquely registered on Blockchain technology for anyone to see. While fungible tokens can be exchanged for another of the same type with the same value, each NFT token is unique, and one token cannot be exchanged for another of the same type, thus fungible and non-fungible tokens are distinct from each other. The ownership of digital assets such as images, videos, audios, video game items, and all other types of creative works on the internet is represented by the NFT. NFTs give creative artists more economic and creative power, accelerating the next phase of the internet's evolution.You may be surprised to know that the first ever tweet was "just putting up my twttr." by Twitter CEO Jack Dorsey on March 21, 2006 which was sold as NFT and is now worth $2.9 million.
Nyan Cat is another most popular NFT. When it was auctioned as an NFT, it was sold for 300 ETH. These are some of the popular examples of NFT in the world. If you search on the internet, you can get various such use cases and examples of NFT that are being purchased and sold in the digital space daily. People are uploading their content such as images, digital art and videos which are being purchased and sold in the NFT marketplace and people are making millions of money through it.
“We’ve witnessed only a few forms of NFTs; perhaps in the future, we'll see a lot more. We are in the early stages of NFTs, so if you are getting involved now, it will be a tremendous benefit to you all in the future, because NFTs will be a huge field in the future, especially when it comes to the Metaverse and gaming industries. NFTs are definitely going to rule the world,” said Mohd Shoaib, CEO and Co- Founder of Digital Notice Media labs, India. Mr. Shoaib spoke to over 100 blockchain enthusiasts at a recent meetup organised by eSatya, a pioneer blockchain company in Nepal Supported by the Ethereum Foundation (Ecosystem Support Program), ASCOL IT Club, CSIT Association of Nepal, Prime IT Club, and Digital Notice. Mr. Shoaib was joined by Mr. Sandesh B. Suvarna, Co-Founder of WazirXNFT Marketplace, India at the meetup and he shared how NFTs make it simple to own and sell digital content. “Among the various NFT use cases, art and music are one of the segments that is performing much better than any other. NFTs are tradable and that’s what people are doing now.” said Mr. Suvarna.. NFT will undoubtedly revolutionize the internet as we know it in the coming decade, because it has created a set of communities in the global NFT marketplace that believe digital content has its own unique value.
NFTs are no longer limited to works of art, images, videos, or audios that may be purchased online. Actually, it has evolved into much more than simply art. The next generation of internet pioneers has already begun to use NFTs, as property rights are also now embedded in the code. Today, virtual land and properties are also being auctioned. Recently, CARE Package NFT Project has delivered urgent humanitarian aid to Afghan families in need. A single "CARE Package for Afghanistan" NFT edition was sold to crypto users for 0.03 ETH.
In Nepal, Rahat, a blockchain based aid management platform is using NFTs for creating social impact. Each NFT token represents a commodity (or a group of food and non-food items) that will be distributed to beneficiaries.
Rahat NFT Module
As we can see, the world is currently moving towards adopting this new way of doing transactions in the virtual world. NFTs can be a good investment since they are one-of-a-kind, irreplaceable, provide traceability, and verify the ownership of the creators all of which add value to the token in the NFTs ecosystem.
As the world is moving towards NFT, we can't stay away from the technology that is going to build the future of the internet tomorrow. NFT modules can be implemented by companies in Nepal without using cryptocurrencies to stay up to date in today's global market.