But that’s just the literal definition of the technology. To really understand NFTs, we need to go beyond that. We need to understand their meaning, i.e., how they are valued and used.
The two most common answers when discussing the value and use of NFTs are as follows: 1) NFTs are digital assets that let creators (finally) retain control of their IP and earn a living from their work. 2) NFTs are investment vehicles.
However, neither of the aforementioned quite hit the mark. Again, it’s just not that simple.
The fact of the matter is that NFTs are used by more than just artists and collectors. The space includes artists, collectors, game developers, fashion designers, and more. These people have come together to form what can be considered a true subculture. To truly understand NFTs, we need to understand this subculture and how NFTs are valued and used by individuals who participate in it. Here, we cover how this subculture formed, the values its participants share, and the way they use NFTs. Hopefully, it will help you understand NFTs more deeply than any bland, technical definition.
Ready? Let’s dive in.
Although non-fungible tokens have existed (in one form or another) since the 2010s, it wasn’t until 2020 that NFTs became a prominent facet of the blockchain ecosystem.
Around this time, the possibilities presented by NFTs started to excite many. People realized that if NFTs were tied to a piece of digital art — a song, poem, image, etc. — these digital items could be transformed into collectibles that live on the blockchain, allowing individuals to truly own digital items for the first time in history.
Interest in crypto art swelled as a result. Many crypto-artists started gaining a following and making a sustainable living off of their art for the first time in their lives.
In this early stage, the NFT space didn’t yet feel like an investing group. No one was in it for day trading. This community, built around blockchain technology, was a niche internet subculture where people traded art, memes, humor, and created their own slang.
However, things were rapidly changing.
However, don’t confuse the boom and mainstream society’s focus on profits with the values and focus of those who are actual participants in the NFT subculture.
By collecting an NFT, individuals are able to support a creator, own a piece of their legacy, and realize returns as the creator’s fame increases and the NFT goes up in value. This creates a unique emotional connection between individuals in the NFT space, as one’s own success often leads to another’s success. As a result, individuals in the NFT space highly value the well-being of each other and the community as a whole.
In fact, while many undoubtedly came into this space for many reasons — to create an art project, to find investment opportunities, etc. — those who stay and are active in the community say they do so because of the people and the communal culture.
Alotta Money was an artistic trailblazer, a crucial member of the original crypto-art community, and beloved by many. He was someone who seemed to understand the true meaning of NFTs and the sense of camaraderie they engender. To commemorate him, the NFT space would do well to remember the friendship and sense of togetherness that first inspired many to start affectionately swapping acronymous niceties like “GM” and “WAGMI” in the first place.
The sense of shared oneness so valued by the NFT subculture can also be seen in the way the space unites and uses NFTs to enhance the common good.
The post The Meaning of NFTs: It’s About More Than Money or Art appeared first on nft now.