Nowadays, it is high time for artists to price their work. That’s not a joke, and everyone is putting price tags on their work online. That’s the basic idea of an NFT. A Non-Fungible Token is a type of cryptocurrency representing the overall digital ownership of a digital token.
The rapid appreciation of digital art pieces had begun since Cryptopunks broke the Blockchain in 2017. The initial cost of Cryptopunks was 1-34 USD. At the end of 2018, the groundbreaking NFT blockbuster was worth 443 USD.
Not bad, but all of this for an 8-bit image? Regardless of the quality, the first 5 Cryptopunk NFTs were worth that price because of recognition. After three years, Cryptopunk 2238 got sold for 1,500 ETH or 4.3 million USD in 2021.
Its resale value has skyrocketed since its first release in 2017. Since the convicted Felon and medical personality, Martin Shkreli bought one of the two “The Once Upon A Time In Shaolin” Wu-Tang Clan Records. NFTs broke into international news without us knowing. The NFT sold for 2 million USD, and now the American government is open to reselling the controversial record roughly for 4 million according to the NFT curating platform, PleasrDAO.
The Wu-Tang Clan record was well-received because of its artistic reputation. Also, they compared it to a “return to renaissance” form in curating art, and it was marketed as well-made and well-priced. Wu-Tang knew their worth as artists as well. They brought 36 chambers, their debut record, Ol’ Dirty Bastard’s Return to the 36 Chambers, and Ghostface Killah’s Iron Man – three of their few incomparable works like Once Upon A Time In Shaolin.
As An Ecological Threat
NFTs are digital artworks that run into different crypto wallet apps 24/7. So how does anyone think this was a harmful threat to nature when a few hundred cryptos functioned the same way?
Regardless of where this statement stands, the largest dealer of NFTs, ETH’s carbon consumption via electricity, is worth Bahrain’s.
The specific Crypto, ETH in general, is not an environmental threat, but every Crypto is a threat. Just like how cars are a threat to the environment.
Therefore, the whole system is at fault for not enabling renewable energy sources. That’s what other Businesses, Politicians, and Civilians stand for—renewable energy sources. In defence of other NFTs, the owners and creators advocate and fund renewable energy and other green-lenient Non-Governmental Organizations worldwide.
The Medium writer, Antstyle debunked the dangers of NFTs and Crypto in an article but was open to the modification of its blockchain method as well. Their stand is to allow this form of currency but creates a simpler document to organize the Blockchain with transparency.
Because there are scammers in stocks, in Crypto, and NFTs, this needs to be modified to simpler terms to understand it easier.
Local and International Adaption of NFT and Crypto
The Philippine Anime, Trese had just released their own custom NFTs recently. So was Fleetwood Mac, so was Twitter, and so forth and so on. This is a newer currency system, and we have seen the most of it yet despite being a billion-dollar industry for three years and running.
Opportunities are waiting from local Filipino, Asian, American, African, and European demographics from this industry, and when there is a community, there is demand from it.
It’s a great time for art, and its slow transition into creating it is worth the trouble of studying it. The youth are drowning in student loans, and Crypto and other methods are vessels on how the youth will create leeway for themselves to break even from the government’s claws. In order to make their lives easier. It’s not blind optimism when someone’s breaking away from poverty by using it.
In other words, NFTs are primitive, and nothing will stop crypto from evolving and adapting a new form, and NFTs is just another path to it. Antstyle calls this blind optimism, but it’s just getting started, in all honesty.
Antstyle’s article stands for transparency, and the Blockchain isn’t new to scam issues. This is why the Crypto and NFT industry is a high risk, high reward market. Because of its anonymity, there will be a lot of scam cases because everyone is fighting for a piece of the pie for the new technology.
If this were the case, it would be a better industry for everyone because it is a competitive industry like the stock market. Wall Street and other countries are not complaining about this system because it is flawed and needs change, just like any human idea.
There is a lot more for Crypto and NFTs than scams. Cryptocurrency is a unified trading system that a new generation of investors can use cashless. The lesser contact we have from tangible money, the lesser crimes will happen it’s handled and understood properly.