NFTs: The future of the internet | Teen Ink

NFTs: The future of the internet

February 4, 2022
By Ori SILVER, Wyckoff, New Jersey
Ori SILVER, Wyckoff, New Jersey
8 articles 0 photos 0 comments

Favorite Quote:
"It's not about what the intention was, it matters what the intention led to." Ori Young

Have you heard about NFTs recently? NFTs have become a form of cash flow for some and a new currency for others, NFTs are non-fungible tokens. These tokens can prove you own a video photo or painting that you bought with your money. NFTs, bring to the table a whole new form of ownership that people crave so much. 

In the first seven days of January 2022, there were more than one billion dollars in transactions with only 2 million wallets connected to the blockchain. A blockchain platform allows users and developers to create novel uses of existing blockchain infrastructure. Digital art is selling for millions right now and is only getting bigger. NFTs this year having already had 1 billion dollars in transactions in the first week is absolutely insane to even comprehend. People are buying NFTs, DIGITAL ART, for millions of dollars every day. But that brings up a question, Why buy digital art?

NFTs offer a secure record of transactions, this lets people show undeniable proof of ownership. This stops people from taking a screenshot and “stealing” the nft. When you think of why people buy NFTs you should think, why do people buy art, clothes, chains, Rolex, Lamborghinis, and so many other things. It is because they enjoy looking at said NFT and are able to show off the value. The most expensive NFT sold to date is “Every day's — The First 5000 Days” for $69.3 million dollars, breaking the record for digital artwork sales. 

NFTs will continue to grow in the near future and if you want to get in buy-in as soon as possible.

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This article has 1 comment.

on Apr. 1 at 8:22 am
2 articles 0 photos 3 comments
I connect with this and iu think its very insightful on the topic of nft and it can help bring many eyes to the world of nfts