Week 6 – What are the effects of NFTs on the Internet? Are they good or bad?

An NFT is basically a new type of digital asset. An Example of that is basically if an author was to sell the writings to his story as an NFT, if he was to do so he could never alter this story but the person who owns it now who has an NFT can change the narrative. I believe that this is a bad thing because it messes up the artwork that people fell in love with. For example the infamous video of “Charlie Bit My finger” was removed from YouTube because it was sold for $760,999 by the family so they had to remove the original video. I believe that that has taken a piece of my childhood especially for my generation. It is also very overvalued for a video that was made in 3 minutes to have sold for thousands of dollars. For example one NFT sold for 69 Million dollars “Everydays: The First 5,000 Days” by Beeple, a 41-year-old illustrator from Wisconsin, was a collage of 5,000 images”. One thing people love about NFT’s is in the article “What Are NFTs And Are They Here To Stay? “June 30, 2021, Tyler Gallagher, it states “The difference is it’s cryptographically authenticated, meaning the author or creator is verified within an immutable and unchangeable digital record. That is one of the main reasons why people love NFTs is because it is unique, it is not like a regular JPEG file. You can copy off the internet.

One benefit I can say about NFTs is that “NFTs remove the burden of having to hire third-party authenticators to verify whether a collectible is truly genuine. This helps create less of a hassle to verify your artwork through different parties. In my opinion I would say they aren’t good because NFTs aren’t a known thing to the public so many may get confused or scammed. Some NFTs might not be owned by the seller you are trying to buy it from and many don’t have legal documentation. Whether business for NFTs is unknown at the moment since we don’t know what the demand will look like in the future I do know that there will be many more coins in the future to come.

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