Topic: NFT, is it a fad or is there more to it? (Read 79 times)

NFT can be seen as a completely new class of virtual currency. Very promising as a type of asset investment. There is a chance that NFT tokens will add a good value in price, bringing tangible profits to their owners. The fact that now attracts little attention in the future may turn into a real treasure.

When most people say the crypto space moves with trend or have different trends, they tend to say the truth, currently we have seen a lot from DeFi and now, NFT. NFT is gradually getting attention and sooner than later it might be the next trend in the crypto space, what it just need is some kind of hype and thats it, it will bloom. Talking about NFT, I am yet to pay huge attention on it, because more of its use case is yet to be fully furnished, but the art aspect of it is gradually getting attention, and I think it is what is bringing NFT to people's attention now. Therefore, in my own opinion and although I might be mistaken, I think the appeal of NFT is to bring art and blockchain together in such a way that it will be unique and maybe contribute positively to the crypto space other than being seen as a means to earn only.

I think NFT is not fading anytime soon as Polkadot is have projects that is aiming to evolve it so it will take time for it to fade unless something new will be better to put it down.

Im not a pro on nft. But we're able to have one. There is an nft project called Polynient games Ive participated during their sale and the one you'll get upon investment is their original pgfk nft. I like the platform since their primarily focus is nft and not just hype since they build dex platform for nft and still ongoing for more development. What is good is holding the pgfk nft is you can avail their free nfts and tokens upon their partnership. Until now, I'm still holding it and got some extra nft from their collaboration with other project.

For me its quite appealing as It is considered a speculative commodity as well and based its value on its quality, figures and number as well. What I dont like is the process of selling those nft cause its in the form of bidding on some marketplace and we all knew that it will take time for our bid set to be sold when we are doing a high bid price for our nft. Anyway I can see lots of improvement on different platforms.

It has lots of other use cases. The art part is one of them but things like that don't interest everyone unless maybe you have things in the art that are very valuable/useful to everyone.

I suspect some are worried that other use cases could displease the regulatory authorities in countries. I believe legal issues can be very well handled on well decentralized network/system.
It's also possible that developers are still working out how to make it work for different use cases.

It's also important that NFT owners are able to easily control the assets on full nodes that can easily be run and use by anyone.

Hey community members, I hope you're doing well. I have been seeing NFTs getting more and more popular these days and from what I understand it's a form of non-fungible tokens on Ethereum blockchain, and in most cases it's some form of digital art. Is this the right understanding?

Every time I hear about NFT, I wonder to myself, is this a fad? I mean I don't get the appeal. If I buy a physical art, I can hang it on the wall, store it physically, and showcase it to others without going through much hassle. I also feel that physical forms of art retain their value really well and even increase in value over time.

I love that NFTs make it quite simple to prove and transfer ownership of the art pieces without much effort, but then again it's all digital art pieces on a blockchain and anyone can replicate them, albeit the non-original pieces will have a non-original hash — verifiable as inauthentic but works if your intention is to just display the art digitally. I can't seem to wrap my mind around why anyone would want to collect these NFT pieces. To me, the only use case for NFT I see is getting NFT combined with physical art. That way you can enjoy best of the both worlds, but maybe that's just me.

So my question to those who deal with or collect NFT is, can you please explain to me what the real appeal of NFT is?

Those who don't understand NFTs well are also welcome in this discussion. I am sure we can all get some learning out of this thread whether you are pro NFT or not for NFT. I for one am in neither camps and would love to broaden my horizons.

Looking forward to getting some comments and having a good discussion around NFTs.