Are NFT’s A Future for Some Business?

Big changes across business are starting to occur more frequently as huge tech changes influence market adjustments very quickly – one of the latest big shifts has certainly been within the growth of crypto as it has had a huge impact on even some of the biggest businesses in the world, some of the quicker to adapt have been names like Tesla as crypto has been incorporated into their business, or the growing list of other online services changing with the times with the likes of options that are growing with new trending media. But the latest change for some business in particular could come from this new entrance into the Ethereum blockchain in NFC’s – although simple in theory, they do have some complexity that may make adoption a little slower, however.

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In their simplest form, and what NFT’s are primarily used for at the moment, is within a wallet for a digital collection of artworks or similar – you take an original piece, and you can store the ‘ownership’ of this piece. If it’s a popular piece of artwork for example, whilst it may have been copied and replicated over the years, you’ll own the original piece – well, that’s the gist of it at least anyway as this is where things start making a little less sense with the whole thing.

If you buy a painting, you own that physical painting, a one-of-a-kind piece that can’t exist elsewhere – whilst forgeries can be made, there are ways to authenticate and unless it’s extremely rare and expensive that often wouldn’t be worth the effort. Digital art is different, as seen with one of the sales of an NFT for the Nyan Cat gif, the image has been copied, recreated, changed, updated, and much more in the years that it has been around, and if someone wants the image, they can simply save a copy of it – identifying the original, or even having the ‘original’ is very difficult to put any tangible value on. This seems to have done little to deter some though, an artist known online as ‘Beeple’ recently put up for sale a piece called “Everdays – The First 5000 Days” which is a collage of several years’ worth of sketches, and the NFT was able to sell for $69 million.

If it still doesn’t make sense, don’t worry, it’s a bit abstract even for those who have followed along closely – but the success is already being marked with these big sales that could push the NFT market forward and get other business markets involved outside of just the current form in digital art – who knows what it could be used for in  the future, but there’s clearly potential, even if it isn’t entirely clear what they really are sometimes.


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