How Does It Feel Like To “Own” An NFT

A brief summary of NFT. The first-ever known NFT was created in May 2014 by Kevin McCoy and Anil Danish. The NFT was created with clips made by McCoy’s wife. Then, McCoy registered the video on Namecoin, a cryptocurrency originally from a bitcoin software, and was bought by Danish for 4 USD. Fast forward to 2021, there is a sudden buying surge of NFTs. after a large volume of eminent sales.

On the internet, there has been a “war” going on with supporters of NFT and people who are not fans of NFT. With the creation of the internet, people have so much free time where they argue about a lot of petty things. Fans and investors of NFT are pro-NFT because it helps digital artists by paying them the amount they deserve for their time, art and experiences. However, buying an NFT does not mean you are the owner of the digital product. To point out, NFT is a blockchain to show the existence of an asset but not the actual asset. It is like to show that the asset belongs to you by having a digital certificate to show the authenticity of the digital product. To further clarify this, this means that those who bought NFT has the “digital certificate” to show they own the original work created by the artist. Take an example of the “Side-eyeing Chloe” meme. The picture is now selling the original image for thousands of dollars. But why would you buy it when there are so many pictures on the internet that you can download? Basically, this is what owning an NFT feels like.

However, there are people who find this whole NFT hype ridiculous. The reason why is that they see no meaning and value in owning the digital product. To thick NFT owners off, those who do not have any interest in NFT’s will “right-click” and “save” the image, making it “theirs”. Not just that, many people are also angry that with the surge of buying NFTs, people are also mining POW NFT that can only be required with mining, the same goes with Bitcoin and Ether. The reason why people are not happy with this is that computer hardware is already facing shortages due to cryptocurrency mining and parts shortages. Thus, making computer hardware to be extremely expensive. Now, with the hype of NFT, POW NFT miners are stacking up a lot of graphic cards just to mine NFT.

In summary, there is an online saying that owning an NFT is like a couple in an unhappy marriage. You can show that you are happily married by showing the marriage certificate. Not sure how does this make sense. As someone who does not invest in any cryptocurrency, I will find that owning an NFT does not make sense to me.

If you are a cryptocurrency trader and investor, click here to get the latest cryptocurrency news and NFT crypto news.

To read more articles, click here