The idea behind NFTs is exciting and relates well to the Internet society we live in today.
But they have a downside: though NFTs are designed to give you something unique, the tokens you get can be copied by Internet users.
So why do people buy memes, pictures, and music if they cannot restrict other users from resharing them? Think of it this way: replicas of the Mona Lisa are available to everyone. You can download it from the Internet, reprint it, or draw something similar. But only the Louvre has the original. And being the original owner of something rocks! But there are many other reasons why NFT is so talked about.
1) NFTs are one more way of demonstrating status
NFTs can be digital indicators of your social standing. The more rare, unique, and interesting they are – the more expensive they would be. The more you pay for it, the greater the value it holds in terms of collecting them.
Can you live without NFTs? Surely! Like you can live without a Lamborghini. It is perfectly possible to drive a previously used vehicle of a less expensive brand. And you shouldn’t feel bad about it.
However, people who can afford a Lamborghini would buy it for reasons other than its outstanding driving qualities. They buy status. They buy the image of them owning a Lamborghini. And some NFTs have the potential to become a digital version of that.
2) NFTs have created a sense of community
Do you remember the Pokemon cards we all collected years ago? When we were children, we would gather around with friends and discuss, exchange, and boast about them. We would come up with games to make this process even more fun. In this way, these Pokemon cards became more than just cards. They united us.
The same goes with NFTs. People buy avatars, artwork, and pictures related to the same theme. By exchanging tokens and discussing them, they get to know one another and create a themed community. People have a shared sense of togetherness (which is a pretty pleasant feeling, tbh).
For example, there are the following exciting communities out there:
The Dodge Fight Club: allows like-minded people to discuss their NFTs and meet with other like-minded people. In addition, users can vote on the community’s autonomous decentralized organization.
Cryptopunks: a community, featuring 10,000 unique collectible characters verified via the Ethereum blockchain.
Art Blocks: A platform for generating programmable content on demand.
Pudgy Penguins: a community built around collecting the NFTs with custom-drawn penguins.
Bored Ape Yacht: a community owning a collection of over 10 thousand NFTs, depicting apes with different visual traits. By the way, the news spread about someone accidentally selling Bored Ape NFT worth $300K for $3000.
3) NFT allow artists, designers, musicians to sell their work
Essentially, NFTs represent the digital rights to an asset such as an audio, video, or image available for sale, purchase, and verification publicly. And with it, content creators now have another platform to showcase their results of their work while earning great money. From this perspective, NFT technology provides an incentive to people to create more valuable things that can be digitized.
Custom illustrations and original artworks are some of the most satisfying aspects of working with NFTs. For example, we at SapientPro have designed special characters for the tokens:
4) NFT lets you support content creators you like while also owning NFTs they created
The Patreon platform allows creators to gain monetary support from their fans and spend most of their time working on their creative projects. Now NFT lets you do the same thing, and it’s a much more interesting way of supporting your favs.