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Are NFTs worth it?

Are NFTs worth it?

Art is something extremely invaluable to every culture in the world. Throughout history, it has often been the same artists who have been able to give it a face or portray the very character of a nation or a culture.

Either through a song that captures complicated human feelings, or through a painting that portrays a homeland date that we should always remember. But the point remains the same: art is something important and should never be neglected under any circumstances.

But what about art collectors? Since art itself exists, many of us have been drawn to having a particular piece. It is normal to say that you would like to have a Dalí painting in your house, you can retain the first vinyl that the Beatles went on sale. It may sound a bit extreme at first, but the reality is that even you yourself would like to have something special that you are a huge fan of.

Likewise, the art collectors market has changed enormously, and much of this is due to NFTs, a very particular token within blockchain technology, which has gradually gained more traction. And for this reason we will talk a little about them below.

What are NFTs?

The NFTs or according to its acronym, Non-fungible token, is a cryptographic token that is created from blockchain technology. They are famous for which cryptocurrencies such as Ethereum, Tezos or Flow are responsible for supporting it. Now, here comes the important part: the NFTs are used to represent the fact that a person has full ownership of what the NFT is representing.

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Basically, if you buy an NFT from an artist, you basically become the owner of that NFT. So, if you have bought an NFT on a song, an illustration, or any type of virtual art (although not necessarily limited to virtual art), it means that you are the full owner of what you have bought.

A clear example is Nyan Cat, the classic meme of the cat that flies in space. This was sold as an NFT, and although we can all have access to it, only the owner of the NFT is its owner, not even the original author is since he transferred it to someone else.

So, in short, the NFTs serve as a kind of certification of ownership of something in particular, and whatever happens it cannot be changed, although it is transferable.

 What’s wrong with NFTs?

 It will sound a bit strange, as it is a topic that is often touched around cryptocurrencies in general, but when creating NFTs they must use large amounts of energy. How much energy? Well, we will only tell you that it is worrying, to the point where there are experts who claim that more than the total electricity consumption of Switzerland is used.

On the other hand, there are people who say that no one should be the “owner” of art, since it is something that anyone else should have access to. There has also been talk that NFTs are often used for shady deals and other activities of questionable morals.