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In the current world of technology, the word that has created the most storm after cryptocurrency is NFT or non-fungible token. In simple terms, NFT is a digital certificate or document that confirms the real ownership of a specific digital content (such as: images, songs, videos or art) through blockchain technology. Until now, any image or file could be easily copied on the internet, but with the advent of NFT, it is now possible to determine the "original" and "fake" of digital things.

Fungible vs. Non-fungible

To understand the NFT issue, you must first understand the difference between 'fungible' and 'non-fungible'. Money or Bitcoin is 'fungible' or exchangeable. For example, if you take another 100 taka note instead of your friend's 100 taka note, there is no change in value. But 'non-fungible' is something that is unique or unique, which has no exact substitute. For example, the painting 'Mona Lisa' by Leonardo da Vinci. You can buy a photocopy or a poster of it, but it is never the same as the original painting. NFT does exactly this in the digital world. It converts any digital file into a unique code or token, which proves that the file is original and who owns it.

Digital Art and New Opportunities for Artists

NFTs have been a boon for digital artists. Earlier, if a graphic designer or digital artist published their artwork online, it would be easily stolen or copied and they would not get the right price for it. But with NFTs, they can now 'tokenize' or 'mint' their work and sell it directly to buyers. Its biggest advantage is royalty. After the sale of traditional art, the artist does not receive any money, but through NFT smart contracts, the original artist can be set in such a way that every time that art changes hands or is sold in the future, the original artist will receive a certain percentage (such as 10%) of the commission. After a digital collage by an artist named 'Beeple' was sold for $69 million in 2021, the world started buzzing about NFTs.

Risks and Criticism

Although this world of NFTs and digital art is very interesting, it is not risk-free. First, it is a very speculative market. An NFT that is worth millions today may be worth nothing tomorrow, because its value depends entirely on people's interest or hype. Secondly, there is the copyright issue. Many people are cheating by stealing other people's drawings and making NFTs under their own names and selling them. In addition, the Ethereum network is used to create or buy NFTs, which critics claim consumes a lot of electricity and has a negative impact on the environment.

Conclusion

In short, NFTs are not just JPEG images, but for the first time in the history of the Internet, it is a technology to claim real ownership of digital assets. It has allowed artists to get a fair assessment of their talent and its use will increase in the future, like gaming or the metaverse. However, since it is a new and unregulated technology, it is very important to be aware of its risks before investing here. There is a possibility of facing major financial losses if you just buy digital art on impulse. Today's discussion concludes here. I hope you've found it interesting. Please share your thoughts on today's topic. Prayers for everyone. May everyone be well. Amen.

Me behind the camera & keyboard

I’ve always loved sharing my passions with you — from crypto and movie reviews to photography, storytelling, and blogging. Now, continuing that creative journey, I’ve stepped into a brand-new world — Gaming ! 🎮 | 🎥 On my YouTube channel Bokhtiar The Survivor — I’m consistently working to bring you the raw thrill of my gaming experiences — the emotions, the excitement, and those unforgettable moments that make every game feel alive.