Non-Fungible Tokens, the new hit in collecting since…. Baseball cards, or stamps? Idk what you nerds collect nowadays but collecting is turning digital, and the money is coming in HOT.
What the fuck is a Non-Fungible Token or NFT? Well, it’s basically a block of code that gives you ownership of a digital asset. So, you love a specific cat gif? Like, love the fuck out of it? You can buy that shit and put your name on it as your digital asset. You can be like “yeah it’s hilarious and you owe me for the laughs” JK don’t be THAT guy, but it does give way to a new form of ownership for fans of all kinds. NFT’s have blown up in recent weeks and months due partly in fact to the rise of bitcoin, and other crypto’s, but this craze actually goes back to 2017.
In 2017 when Bitcoin traded at like $100 which is basically a fantasy to WallStreetBets, there was a short spike in use, trading, buying, and selling of Non-Fungible Tokens, it was basically all of Ethereums traffic, and people were losing it over these lil digital things. What digital assets did they long for? Fucking Crypto Kitties. Yep, you heard that right. Basically, an animated GIF form of an internet cat, and those fucks were going for thousands of dollars. Well fast forward to 2021, and the craze has been reignited. Crypto Punks, NBA’s Top Shot, and Logan Paul making himself into a Pokemon are just a few of the many examples and forms that an NFT can take. Shit even Jack Dorsey is in on the action, he announced he will auction off his first tweet ever, and that short string of words is a digital assets valued at 2.5 million fucking dollars. Who in the fuck would ever want that? Only God knows, but that lucky bastard I assume, is banking on something of an internet museum of sorts so he or she can sell that tweet for millions more later.
That’s the catch, in my opinion, with these digital assets, sure they are not worth much now, but hopefully they will be in the future. Like comic books or baseball cards or porn-actresses panties. There are a lot of things that could go right, and plenty that could go wrong with Non-Fungible Tokens and collectables in general, but as of this year, they are a hot ticket item and sought after by many. Who knows maybe that 6 second clip of Lebron James will be worth a few milly after his death, but it’s all up to speculation and more or less a guessing game.
Non-Fungible Tokens are a bit risky, and could be a bit worthless but that’s all conjecture. One thing is for sure, the digital train is a-movin’ and your slow ass better hope on board, because what is non-tangible can be very valuable.
Anyway, that’s my take on it. Until next time. -GS
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