What are NFTs and Why are they good for Bitcoin?
NFTs (Non-fungible tokens) have actually been around for three or four years now. However, it was the sale of a digital artwork by the artist Beeple which sold for more than $69 million at Christie's that made the world stand up and take notice of the growing NFT world.
In economics, a fungible asset is something with units that can be readily interchanged - like money. However, if something is non-fungible, it means the asset has unique properties so it cannot be interchanged with something else.
NFTs are unique "one-of-a-kind" assets in the digital world that can be bought and sold like any other asset. However, the purchased assets have no tangible or physical form of their own. NFTs can be anything digital which is why they are being embraced so heavily by the artistic world, but really anything can be digitized into an NFT and already we have seen Twitter CEO Jack Dorsey’s first ever tweet auctioned as an NFT for $2.5 million and in February 2021, an animated Gif of Nyan Cat - a 2011 meme of a flying pop-tart cat was sold for over $500,000. Anything can be digitized and sold as an NFT, and that is good for Bitcoin.
NFTs are a natural extension and evolution of the blockchain and cryptocurrency world. People are now waking up to the fact that just about anything and everything can be digitized and monetized. For artists, struggling or not, NFTs level out the playing field a little. It moves a massive industry into the crypto world far more than before and that is good for Bitcoin and cryptocurrencies.
Crypto acceptance and crypto adoption are the key ingredients to the long term success and viability of Bitcoin and other cryptocurrencies. The growth of NFTs is not a fad or passing trend. NFTs are here to stay.Over time, more and more and more artists, sportspersons and everyday folk will be able to use and benefit from NFTs which in turn legitimizes and gives even more credibility to Bitcoin and other digital currencies.
NFTs enable digitization of almost everything and Bitcoin is the cryptocurrency leading the charge. STay ahead of the Bitcoin curve with Cointandem.