On NFTs

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I continue my research for the short story I am currently working on and today I spent some time reading up on NFTs (since one of my characters is a man who trades in cryptos and NFTs). I am meant to be studying for my 10th Board exams, but then, I need to do what I need to do.

An NFT, or non-fungible token, is a unique digital asset that represents ownership of a specific item, such as a piece of artwork, music, or video. NFTs are stored on a blockchain, which allows for secure and transparent ownership verification, making them a popular method of buying and selling digital goods.

A few examples of the many different types of NFTs that have gained popularity in recent years are:

  • Cryptopunks - a collection of 10,000 unique 8-bit characters, each with its own distinct traits and attributes.
  • Beeple's digital art - a collection of digital artworks created by the artist Beeple that have sold for millions of dollars.
  • NBA Top Shot - a platform that allows fans to purchase and trade officially licensed, limited-edition collectibles featuring moments from live NBA games.
  • Axie Infinity - a blockchain-based game where players can breed, battle, and trade creatures called Axies.
  • Rarible - a marketplace for buying, selling, and discovering NFTs across various categories.
In India, the NFT market is still in its early stages and rapidly evolving. Some examples of Indian NFTs are:
  •  Bollywood and Beyond - a collection of NFTs featuring iconic moments and scenes from Bollywood films.
  •  Artzone - a platform for buying, selling, and discovering Indian digital art as NFTs.
  •  The Indian Crypto Art Project - a community-driven initiative to promote Indian digital art and artists through NFTs.
  •  Anpu Varkey - an Indian visual artist who creates and sells NFTs of his digital artwork.
  •  Cyber Shivaji - a series of NFTs that showcase the legendary Maratha king Shivaji in a futuristic, cyberpunk style.

People invest in NFTs since NFTs are often created in limited quantities, which can make them desirable to collectors who are looking for unique and rare digital assets. Since NFTs are stored on a blockchain, their ownership and authenticity can be verified and tracked transparently. Some NFTs have sold for millions of dollars. Most folks buy NFTs solely as an alternative investment opportunity, to diversify their portfolios, and not because they give two hoots about the underlying art.

There are a number of cons about NFTs. Buying NFTs is risky - the value of NFTs is highly volatile and investors in NFTs may end up losing their money. Further, the NFT market is largely unregulated, which makes it more susceptible to fraud and manipulation. Lack of liquidity is often a problem - NFTs can be difficult to sell quickly and for a fair price, especially if there is not a large market for the specific type of NFT being sold. Last, but not the least, the process of creating and trading NFTs requires a significant amount of energy and computing power, which contributes to the growing problem of climate change and environmental degradation.

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