Why NFTs Will Be Jordans of The Future
2 min read
I remember being in the military, buying shoes was a big part of my social circle. Shoes have become a phenomenon in American culture, where shoes can be sold on the resale market from $150 to $2,000!! Due to bots buying all the sneakers in 3 seconds, and Nike manipulating the amount of stock, the shoe game has become horrendous. The average consumer is priced out of a lot of high-end shoes, and getting started in high school is a thing of the past. NFTs will soon become that once it goes mainstream
Let Me Explain
What Are NFTs?
Before we go any further, I want to break down what NFTs are. NFTs stands for "Non-Fungible tokens". Fungible is usually used in terms of money. For example, if I have a dollar and ask for change in 4 quarters, that means it's fungible. NFTs are non-fungible, so a person can't divide them or break them into smaller parts.
NFTs are essentially digital files so that could be images, videos, music, etc. The trick is that the person owns the file. That person can actually sell the NFT, lease the NFT, or whatever way a person can make money from their digital asset.
How NFTs Will Explode
At the moment, NFTs are just being talked about in the ethos of the internet. It hasn't been a mainstream push because a lot of people are skeptical, and feel as though it's a waste of money.
Why buy a digital file when I can just Right-click and save as?
Well here's the thing, yes one can screen shot a digital file, but does that person own it? No. The secret to NFTs is that it gives the buyer access to a community. There are communities centered around certain NFTs, and once a person buys that NFT they are officially a part of that community.
This NFT sold for $500Million!
I don't own this NFT, therefore I don't receive any benefits and I'm actually giving this NFT free promotion!
Just like the Sneaker Community, NFTs will usher in a new way for people to connect and express themselves across the internet. The beautiful thing about NFTs, is the fact that ownership will be secured in an immutable ledge. The creators and buyers will be protected, and corporations won't be able to manipulate the price and ruining the community.