What is NFT? Is It The Future Of Modern Art?

If you have ever played a game like fortnight, Cs Go, Valorant, etc., then chances are you already own an NFT! How? the skins gamers use in the game to play is a type of NFT. And even if you haven't played these games, you may have seen colourful play skins gamers use. But don't worry if you arent that crazy gamer, because today we will discuss what is NFT and what is the future of NFTs. So let's begin.

What is NFT?

NFT stands for Non-Fungible Token and is a type of digital asset whose first seeds were planted by the creator of bitcoin Satoshi Nakamoto when he introduced blockchain. The word Non-Fungible means that the token you own is a unique item that is validated by the blockchain network and is undividable and cannot be copied. So, what does this mean? It means that you are the owner of a digital asset that has a single copy, can be traded for cryptocurrency and has its value and meaning. Often time it is of a type of jpeg which consists of art created by different people. But, nowadays, more and more types of NFTs have been introduced which have their application. For example, Decentraland (MANA) is a coin that gives you access to the metaverse where they have formed pixels that represent a land in the metaverse.

So, technically you can purchase land in the metaverse and create your house/play area/structure there. Also, you can control who can come to access your land and who cannot. This is on a whole new level as people can not only buy assets offline but online too.

Is it modern art?

Just like modern art, NFTs have their unique value to their own set of people. And just like modern art NFTs have a value attached to them which gives their owner a networth based on that. So when we see all these on a broader scale, NFTs do resemble a lot like modern art. But does it have a better value than modern art or not can only be realised once we live the future.

Is NFT the future?

We have talked about the value of these NFTs and modern art. Now, what is value? The value of a particular asset is dependent on the fact that how do other people perceive it. If something is widely known, has a good application, and has too much hype attached to it, then it's a high possibility that that particular asset would have a good value that can be traded amongst people. NFTs currently have a good sense of value amongst people. And this is continuously on the rise as more and more cryptocurrencies are being introduced that have their unique own unique application. 1 year ago, no one would have believed the fact you can own a piece of land in the metaverse. Very few would have even known about the word "metaverse" itself. We all are heading towards a future where the digital and real-world will mix to create a complete hybrid universe.

The fast pace world is soon about to change. The best way to enjoy the ride would be to accept the changes and enjoy what the digital world is about to cater to all of us.