Why Spend Money On .jpeg Files?
Why should I buy an image of an ape wearing a baseball hat for the price of a car? I'll just download the picture it's just the same right? Well, it might not be the same.
𤣠Donât Scoff At NFTs
We like NFTs. Maybe you donât. Every single popular item, brand, product in the world is popular because it is A: desired by the masses or B: hard to get. In short, I am talking about supply and demand. Most often, these particularly popular items are also very expensive for the average joe to purchase. Other people are spending money on these, but why? Why would anyone buy NFTs?
Itâs just a jpeg file anyone can just download the NFT image and claim that they own it. But would your saved jpeg file of the Mona Lisa fetch any money at an auction? No, the real Mona Lisa cannot even be priced, itâs truly a 1 of 1 and a masterpiece. Not to mention the history attached to the creator Leonardo Da Vinci as well as the popularity of the artwork seen as the most famous artwork in the world. Why wouldnât in a digital world like today with households on Earth owning at least a couple of electronic devices have technology merging with art?
đż Homo Sapiens And Art
Ever since the dawn of mankind art has co-existed with us, our ancestorâs cultures were sometimes entwined with art. Having seen some cave paintings in person that are thousands of years old, just makes you feel.
Feeling something, Iâm not quite sure but that is what art is supposed to do! Otherwise, life on Earth without any of the entertainers, performers, and artists would be a lot duller. Cinematography, movies, shows, animes, books are all sorts of artworks through storytelling. Physical art can do the same. Digital art can do even more. The difference between conventional art in the physical space and the newer movement of NFTs is simply that art is now online.
If people can watch movies where the human consciousness is uploaded online then it isnât hard to think that art can exist online too. Truly owning the art online can now be proved through blockchain. It is now verifiable able to authenticate what artworks are real, and what artworks are fake. NTFs can provide artists additional revenue streams when before NFTs the majority of artists could not keep their passion as their career. Now normal consumers, usually outpriced by the wealthy can participate in a peer-to-peer platform of trading artworks on the blockchain. NTFs are also going mainstream.
đźď¸ But How Do I Truly âOwnâ A JPEG?
Ownership comes in a fascinating way when it comes to ledger blockchain technology. Imagine a physical wallet that everyone on Earth carries. This wallet contains the history and information on every single transaction, action, sale, message that you have ever done. It also carries information on everyone else using the wallet and is updated every single tx1 block.
This means that you can look at your own wallet, see where the dollar you are carrying was made, passed through who, and if it was a real dollar or not. Could you say for certain that every single dollar that passed through your own physical wallet was authentic? Possibly a counterfeit. You can view the artworks/NFTs in your digital wallet as that dollar, you can see if it was truly made by the artist you liked or the collection you are buying from.
This gives it fundamental value as the supply capped being a non-fungible token. If someone were to take a picture of your NFT and upload it to the blockchain, everyone in the world can check that artwork and come to the conclusion that it is not authentic. No one would buy your screenshot of a CryptoPunk unless they are inexperienced in the space. Be sure to recommend them to my resources for more knowledge.
đ¸ What Gives NFTs Its Value?
Value cannot be generated out of thin air without any product or service. In the case of NFTs, the NFT is the product. Ok, why would anyone still buy an NFT? Itâs still a data file or image. âIâm not going to buy an ape artwork for more than $10,â said the average person who buys designer clothes, or spends money on expensive dinners. Well, I would ask him why to buy $1000 shoes when you can get a pair for $100? Everyone has different likes and wants, not that they are wrong in liking whatever fits their fancy.
Maybe donât make fun of these people as you will become just like them, just have more perspective and maybe what things you like arenât what other people must like. At the end of the day, NFTs have value because people like them. Either they like them to flip for easy money or just to collect. Ownership and scarcity of the token (NFT) mixed with a community where owners can feel like they âbelongâ are extremely underestimated in my opinion.
These points I look for in any NFT collection need to have this factor, purely on the financial side of things. I still like collecting artworks that look aesthetically appealing and make me feel any kind of emotions, regardless of price. I like owning something scarce, maybe you do too.
â Conclusion
There are many reasons why some people buy NFTs. The pure ownership aspect of the non-fungible token, the aesthetic appeal of an artwork, the popularity of the collection or artists. Humankind has a deep connection to art, half our brain is for the creative side of things after all. Communities are one of the most important aspects around the popularity of NFTs popularity and wonât be going away anytime soon.
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Tx: Transaction