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EnglishWhy are nfts so hyped up? (Twitter accepting nfts as profile photo, Instagram is considering... etc)

Kindly explain in detail why nfts are so popular desipite the fact that it can be easily copied

austin 8 months ago
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lama 8 months ago Correct
NFTs are best understood as computer files accompanied by evidence of ownership and authenticity, such as a deed. They, like cryptocurrencies like Bitcoin, exist on a blockchain, which is a tamper-resistant digital public ledger. However, cryptocurrencies, like dollars, are “fungible,” which means that one Bitcoin is always worth the same as any other Bitcoin.

NFTs, on the other hand, have one-of-a-kind valuations determined by the highest bidder, much like a Rembrandt or a Picasso. Artists who want to sell their work as NFTs must first register with a marketplace, then obtain digital tokens by uploading and validating their data on a blockchain-usually Ethereum
Zakaria 8 months ago
fungible tokens or non-fungible tokens, which in short means that they are unique and cannot be exchanged for something else. To clarify, the NFT can be compared to the Mona Lisa, where anyone can go to the museum, see the painting and even take a picture of it, but He can't bring the board home because he doesn't have it, but the board on the wall in your house is like an NFT board because it's all yours and you decide what you want to do
Crebs Park 8 months ago
NFTs or Non-Fungible Tokens are hyped up because of the power it has unlocked for artists and creators.

Before NFTs, artists don't have a way to prove ownership of the arts they create. Other people can easily create fakes of their arts and that's been the status quo for many centuries.

Arts can easily be copied but you can't copy the smart contract/code that proves the ownership of an art/art collection.

Besides proof of ownership, there are other utilities/possibilities that NFTs has brought to the world. NFTs can be used to ensure authenticity in other products as well (not just art), in-game items in gaming, real estate (land deeds/proof of ownership), medical records/identity verification, IP/Patents, academic credentials, supply chain, ticketing, voting, and more.

So when a group of people with similar interests come together to support the same NFT collection, it surely adds up to the hype. It's a brand new world out there.
joanne neleen adshade 8 months ago
Collecting and buying is fun and they can be seen as a sign of wealth or a sign of you supporting someone or a brand and just like art, NFTs can increase or decrease over time .
Majd 8 months ago
Becauos you are a woman
Trinstow 8 months ago
NFTs or Non-Fungible Tokens are hyped up because of the power it has unlocked for artists and creators.

Before NFTs, artists don't have a way to prove ownership of the arts they create. Other people can easily create fakes of their arts and that's been the status quo for many centuries.

Arts can easily be copied but you can't copy the smart contract/code that proves the ownership of an art/art collection.

Besides proof of ownership, there are other utilities/possibilities that NFTs has brought to the world. NFTs can be used to ensure authenticity in other products as well (not just art), in-game items in gaming, real estate (land deeds/proof of ownership), medical records/identity verification, IP/Patents, academic credentials, supply chain, ticketing, voting, and more.

So when a group of people with similar interests come together to support the same NFT collection, it surely adds up to the hype. It's a brand new world out there.
Uchiha 8 months ago
Here i'll try to explain why NFTs are so hyped even though anyone can take a screenshot or copy them-
For example, Let's assume you wrote 1000 copies of a book on Cryptocurrency and you sign one of them. Now even though there are 1000 copies of the same book with the same content your signature in one out of those 1000 makes it special. So the book that was signed by the author(you) carrier more value than those other 999 even though they're basically the same.
alouloux 8 months ago
Shortly imagine yourself traveling 200years back in time m. you understand nothing about art but you know that some pieces will be too valiable in the future so you ll try to get as many as u can on the hope that it would make you rich someday. Thats why nfts are so hyped people are trynna get anything and everything. Social media platforms as in your question are trying to create a need for the nft’s because themselves invested in it and they need to give people a need « fancy profile pictures » otherwise the demand will drop significantly in a short period of time (you can call it plastic brakes).