The Value of NFTs?

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I remember when I was 4 years ago at one Blockchain conference and the guy was explaining the difference between coins/tokens... The main two types were fungible tokens and NFTs (non-fungible tokens)... Back in the day, I think that Crypto-kitties was the first example and "use-case" for NFTs, but also, I think that IOTA was another one...

Anyways, a lot of things happened from that moment and it looks that NFTs needed that time to be more present and to got their space under the spotlight... Many people say that this is the peak moment of DeFi and NFTs and they are those who are running the show now and pushing cryptos to their new all-time highs...

I'm playing Splinterlands game for almost 3 years, I think, and I thought that I understood the meaning and the "point" of NFTs, but I was wrong... I have been limited to games and I was understanding NFTs through the "gaming glasses", which means that the VALUE of a certain card is determined by "characteristics" in the game... Is it a legendary card, is it epic, how much "life" it has, what attack has, what additional abilities does it have? In Splinterlands it is mostly like that, but that doesn't mean that the value of some other NFTs (not Splinterlands) have the same "measure" for value...

I couldn't understand why would someone spend dozens of thousands of dollars (or more) to buy an "ordinary JPEG" minted on the blockchain as NFT... Why the heck that? Where is the value of that NFT (except in the money that is spent for the purchase)? And then I watched an interesting video on YouTube where it just clicked... We need something to connect the dots... Something to connected that digital asset with the "real world"... And the perfect fit are social media websites... It's still a "work in progress", but they will be those who will add value to your NFTs...

Check out the video for more details, explanations, and thoughts... And sorry about the strong wind in the video...


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It's interesting really, these NFT tokens ... I must admit I'm not quite clear. I was looking at the NFT tokens from a different point of view, namely, first of all, it was said that these tokens were "proof of originality", and that this was for products that were created, as a kind of artwork, and if they were sold, for example, then you knew unequivocally that you were the author of that work. I have some of them in my NFTShowroom gallery...
But this aspect of yours is different, from a different perspective, which I don't have experience of. I've played a few games here, including Cyberbrewmaster, because I'm a beer lover #beersaturday BEER community and the first tokens I earned with my posts were BEER tokens, then others. Maybe I really should play some Rising Star or Splinterlands just to understand it better?
btw: I've been following some debates on the net about whether you can even use public domain works to generate/mint NFT works ... very interesting debates about rights, authorship, and art ......

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The easiest way to understand them and their value is through games like Splinterlands or Rising Star, or some completely different game... But, the other side is NFTs that you have mentioned... "Proof of originality", some artworks, etc... They have "artistic" value and probably, like some "real-life" artworks, it's hard to determine the current (or future) value...

Also, we can't forget the importance of WHERE is those NFTs distributed... There are many blockchains where you can mint, sell, buy NFTs, but maybe some of them will disappear in a year, two, five...

We are still very early in the NFT-era and trading with them atm is very, very risky... Maybe BTC can't go to zero, but some NFTs can go to zero literally in a few hours...

Personally, I will wait a bit more before diving deeper into NFT "trading"...

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NFTs are a bit confusing and it still goes over my head. I tend to think of most of them in utility and gaming for the most part as well but I recently I have been trying to understand NFTs more as part of the metaverse. After all, NFTs will have different uses replacing the current systems.

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That was exactly how my understanding was going... Firstly, as a part of the games, and after that the global view on them, and the value OUTSIDE the games...

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You explained it quite in simple words the most technical NFTs. It has taken not only crypto but also the other world by storm, especially the celebrities who are out now creating their NFT. let see how NFT helps grows the Cryptocurrency market cap.

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Now, when you said that, I have realized that it's a perfect fit for celebrities, musicians... They can mint things about their life and earn money... lol...

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NFTs definitely take a little time to wrap one's head around (just like cryptocurrencies). I tried to lay out some explanation at https://nefties.com/pages/learn.html !LUV

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That is a very good and clear explanation! Thanks for sharing.

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