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Are NFT's worth it or just a hype bubble?
Debate Information
NFT, or Non-fungible token is a type of cryptographic asset that augments the value of any piece of art, 3D file, video, or game through the use of a unique contract which is attached to that asset and serves as a proof of ownership.
This is similar to the way that actual art is appraised and verified to be authentic by professional art dealers in order to prove that a certain piece of art has it's full trading value. The major difference being that the NFT is stored on the blockchain, and is therefore decentralized meaning that no one can have a hegemony on the authentication of any art, allowing virtually anyone access to the market. Like fine art, and NFT can be used as a store of wealth (and possibly for other shady practices) by those wealthy enough to purchase it, and the non-fungibility guarantees that the value is not fixed, meaning that certain pieces of art will likely go up in value over time. Each NFT is completely unique and has a value derived in much the same way as other art.
The NFT market is booming, with some assets going on sale for $100k or more, such as the work by digital artist Beeple who as of 2 weeks ago became the 3rd richest living artist with a net worth of over $69 million. Many tech billionaires and wealthy entrepreneurs are getting in on this act which is causing the value of NFT's to explode. All of this begs the question: will this trend continue long term, or will it just be another flash in the pan resulting from the long running crypto bull market which will collapse should the market turn down?
This is similar to the way that actual art is appraised and verified to be authentic by professional art dealers in order to prove that a certain piece of art has it's full trading value. The major difference being that the NFT is stored on the blockchain, and is therefore decentralized meaning that no one can have a hegemony on the authentication of any art, allowing virtually anyone access to the market. Like fine art, and NFT can be used as a store of wealth (and possibly for other shady practices) by those wealthy enough to purchase it, and the non-fungibility guarantees that the value is not fixed, meaning that certain pieces of art will likely go up in value over time. Each NFT is completely unique and has a value derived in much the same way as other art.
The NFT market is booming, with some assets going on sale for $100k or more, such as the work by digital artist Beeple who as of 2 weeks ago became the 3rd richest living artist with a net worth of over $69 million. Many tech billionaires and wealthy entrepreneurs are getting in on this act which is causing the value of NFT's to explode. All of this begs the question: will this trend continue long term, or will it just be another flash in the pan resulting from the long running crypto bull market which will collapse should the market turn down?
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