Technology is progressing at a fast pace. It comes as no surprise to me that artwork can now be digitalized using NFT. NFTs, in my opinion, have both advantages and disadvantages and can be utilized for both good and negative purposes. It is dependent on the intended application of the NFT. NFT appears to be the new way that people are purchasing and selling art; it could be viewed as a fad, but it could also be viewed as a novel and imaginative way to sell and make art. Many people, like Bitcoin, did not believe in it and predicted that it would fade away quickly, but it is now increasing at a rapid rate every day.If used properly, I believe NFT can have the same impact as Bitcoin. It is said in the article that “NFTs can be utilized as artworks whose authenticity can be verified without a centralized authority. That alone is a novel innovation that I think lends the asset class real legitimacy.” NFTs can also be used for collectible investments, virtual reality objects, in-game purchases, and collectable investments. The disadvantages of NFTs are the frauds perpetrated by people, such as not knowing who the genuine seller is, purchasing from a phony online auction site, purchasing NFTs that transfer ownership but are not fully yours, and so on. As I previously indicated, NFTs can be a novel and imaginative way for people to sell artwork, or they can be a passing craze that won’t endure long. It all relies on how NFTs are received by the general people.
Oct 12
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