{"id":435809,"date":"2022-04-22T19:34:53","date_gmt":"2022-04-22T16:34:53","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/everything-you-need-to-know-about-nfts-review-geek\/"},"modified":"2022-04-22T19:34:53","modified_gmt":"2022-04-22T16:34:53","slug":"everything-you-need-to-know-about-nfts-review-geek","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/everything-you-need-to-know-about-nfts-review-geek\/","title":{"rendered":"#Everything You Need to Know About NFTs \u2013 Review Geek"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_89 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6af80ddb29af0\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6af80ddb29af0\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/everything-you-need-to-know-about-nfts-review-geek\/#%E2%80%9CEverything_You_Need_to_Know_About_NFTs_%E2%80%93_Review_Geek%E2%80%9D\" >&#8220;Everything You Need to Know About NFTs \u2013 Review Geek&#8221;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/everything-you-need-to-know-about-nfts-review-geek\/#Non-Fungible_Tokens_Receipts_for_Digital_Items\" >Non-Fungible Tokens: Receipts for Digital Items<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/everything-you-need-to-know-about-nfts-review-geek\/#Blockchain_The_Technology_Behind_NFTs\" >Blockchain: The Technology Behind NFTs<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/everything-you-need-to-know-about-nfts-review-geek\/#Minting_Who_Can_Create_an_NFT\" >Minting: Who Can Create an NFT?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/buradabiliyorum.com\/en\/everything-you-need-to-know-about-nfts-review-geek\/#All_About_Ownership_Your_NFT_Isnt_a_Deed_or_Copyright\" >All About Ownership: Your NFT Isn\u2019t a Deed or Copyright<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/buradabiliyorum.com\/en\/everything-you-need-to-know-about-nfts-review-geek\/#NFT_Everything_Reinventing_the_Wheel\" >NFT Everything: Reinventing the Wheel<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/buradabiliyorum.com\/en\/everything-you-need-to-know-about-nfts-review-geek\/#Speculative_Value_Are_NFTs_Worth_Anything\" >Speculative Value: Are NFTs Worth Anything?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/buradabiliyorum.com\/en\/everything-you-need-to-know-about-nfts-review-geek\/#Files_on_a_Server_Many_NFTs_Will_Disappear\" >Files on a Server: Many NFTs Will Disappear<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9CEverything_You_Need_to_Know_About_NFTs_%E2%80%93_Review_Geek%E2%80%9D\"><\/span>&#8220;Everything You Need to Know About NFTs \u2013 Review Geek&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div id=\"article-content-area\">\n<figure style=\"width: 1920px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" class=\"type:primaryImage size-full wp-image-114984\" data-pagespeed-lazy-srcset=\"https:\/\/www.reviewgeek.com\/p\/uploads\/2022\/04\/d58505c9.png?width=400 400w, https:\/\/www.reviewgeek.com\/p\/uploads\/2022\/04\/d58505c9.png?width=1200 1200w\" sizes=\"auto, 400w, 1200w\" data-pagespeed-lazy-src=\"https:\/\/www.reviewgeek.com\/p\/uploads\/2022\/04\/d58505c9.png?width=1200\" alt=\"A Bored Ape NFT on a smartphone.\" width=\"1920\" height=\"1080\" src=\"\/pagespeed_static\/1.JiBnMqyl6S.gif\" onload=\"pagespeed.lazyLoadImages.loadIfVisibleAndMaybeBeacon(this);\" onerror=\"this.onerror=null;pagespeed.lazyLoadImages.loadIfVisibleAndMaybeBeacon(this);\"\/><figcaption class=\"wp-caption-text\"><span class=\"type:primaryImage imagecredit\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.shutterstock.com\/image-photo\/bored-ape-4873-nft-digital-art-2099895151\">mundissima\/Shutterstock.com<\/a><\/span><\/figcaption><\/figure>\n<p>We\u2019ve reached a point where NFTs are unavoidable. They line the bowels of <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">social media<\/a>, turn franchises like\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.avclub.com\/star-trek-to-boldly-go-straight-into-the-garbage-start-1848760803\"><em>Star Trek<\/em><\/a> into \u201cinvestments,\u201d and hog advertising space during football <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/game\/\" data-internallinksmanager029f6b8e52c=\"7\" title=\"Game\" target=\"_blank\" rel=\"noopener\">game<\/a>s.\u00a0Still, despite the over-saturation of NFTs, you probably have zero experience with the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a>.<\/p>\n<p>NFTs are the crux of <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/markets.businessinsider.com\/news\/currencies\/nft-market-41-billion-nearing-fine-art-market-size-2022-1\">a $40 billion market<\/a>, yet they\u2019re still quite niche. And that\u2019s not a big surprise; not only are NFTs complicated, but they haven\u2019t found a practical purpose outside of investing. That could change in the future, but because of how NFTs work, it\u2019s hard to find a real use case for the technology.<\/p>\n<h2 role=\"heading\" aria-level=\"2\"><span class=\"ez-toc-section\" id=\"Non-Fungible_Tokens_Receipts_for_Digital_Items\"><\/span><a rel=\"nofollow noopener\" target=\"_blank\" name=\"autotoc_anchor_0\">Non-Fungible Tokens: Receipts for Digital Items<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>At its core, an NFT is just a digital\u00a0<em>thing<\/em> that cannot be duplicated. It\u2019s one of a kind, which is why NFTs are called \u201cnon-fungible tokens.\u201d Let\u2019s get into that name a bit, as it actually does a pretty good job explaining the concept behind NFTs.<\/p>\n<p>The term \u201cfungible\u201d simply means interchangeable. A one-dollar bill is fungible, for example, because it holds an identical value to all other one-dollar bills. Two gold coins of equal quality and weight may also be fungible, though an item that is valued due to its unique attributes, such as a pearl or a signed Michael Jackson CD, is non-fungible.<\/p>\n<p>Digital items can be copied to infinity, so they\u2019re inherently fungible. This can present an awkward predicament for people who want to \u201cown\u201d digital goods. A physical painting is one of a kind, but you can\u2019t say the same for a digital painting.<\/p>\n<figure style=\"width: 1920px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-114987\" data-pagespeed-lazy-src=\"https:\/\/www.reviewgeek.com\/p\/uploads\/2022\/04\/095329ee.png\" alt=\"A bunch of NFTs on a phone and computer monitor.\" width=\"1920\" height=\"1080\" src=\"\/pagespeed_static\/1.JiBnMqyl6S.gif\" onload=\"pagespeed.lazyLoadImages.loadIfVisibleAndMaybeBeacon(this);\" onerror=\"this.onerror=null;pagespeed.lazyLoadImages.loadIfVisibleAndMaybeBeacon(this);\"\/><figcaption class=\"wp-caption-text\"><span class=\"imagecredit\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.shutterstock.com\/image-photo\/vilnius-lithuania-march-8-2021-nonfungible-1932205373\">Rokas Tenys\/Shutterstock.com<\/a><\/span><\/figcaption><\/figure>\n<p>To many, NFTs are the solution to digital ownership. Think of an NFT as a receipt or a contract\u2014if you want to \u201cown\u201d a digital painting, you can purchase an NFT from the artist. This NFT cannot be replicated and proves that you purchased a piece of digital art.<\/p>\n<p>Not all NFTs are for art or music, by the way.\u00a0Companies could utilize NFT technology to create ticket stubs or coupons that cannot be copied or reused. And to some, NFTs look like an extra-secure replacement for traditional contracts, leases, or deeds. But these use cases have not been tested or implemented in any meaningful way, which is why NFTs are best known for their association with digital art or collectibles.<\/p>\n<p>Bear in mind that digital assets, like images or MP3s, are still fungible when they\u2019re tied to an NFT. Your NFT is nothing more than a receipt that points to a file on a server or network. And because that file is still fungible, anyone can save it to their hard drive or mint it into a new NFT with a new \u201cserial number.\u201d<\/p>\n<h2 role=\"heading\" aria-level=\"2\"><span class=\"ez-toc-section\" id=\"Blockchain_The_Technology_Behind_NFTs\"><\/span><a rel=\"nofollow noopener\" target=\"_blank\" name=\"autotoc_anchor_1\">Blockchain: The Technology Behind NFTs<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<figure style=\"width: 1920px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-114990\" data-pagespeed-lazy-src=\"https:\/\/www.reviewgeek.com\/p\/uploads\/2022\/04\/e601b806.png\" alt=\"An illustration depicting the blockchain as a bunch of digital-looking chains.\" width=\"1920\" height=\"1080\" src=\"\/pagespeed_static\/1.JiBnMqyl6S.gif\" onload=\"pagespeed.lazyLoadImages.loadIfVisibleAndMaybeBeacon(this);\" onerror=\"this.onerror=null;pagespeed.lazyLoadImages.loadIfVisibleAndMaybeBeacon(this);\"\/><figcaption class=\"wp-caption-text\"><span class=\"imagecredit\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.shutterstock.com\/image-illustration\/block-chain-concept-digital-code-3d-712558591\">Sashkin<\/a><\/span><\/figcaption><\/figure>\n<p>To learn how NFTs work, we first need to understand the blockchain. This is a complicated topic, but to put it in simple terms, the blockchain is just a digital ledger\u2014a public record that keeps track of information, usually transactions.<\/p>\n<p>Unlike an Excel spreadsheet or a big filing cabinet, a blockchain is\u00a0a\u00a0distributed database that lives across a global network. As such, it\u2019s decentralized and cannot be altered. All information all the blockchain is public, making it an ideal system for digital assets that require proof of ownership, such as cryptocurrency or NFTs.<\/p>\n<p>Most NFTs rely on the Ethereum blockchain. Not because it\u2019s the only option, but because the Ethereum (ETH) cryptocurrency is popular. As such, buying an NFT usually means paying in ETH, which most crypto enthusiasts already own and are willing to spend.<\/p>\n<p>Of course, those who don\u2019t own ETH need to buy some if they want to purchase an NFT. And when you purchase cryptocurrency, you increase its demand, which boosts its value. Those who own ETH can effectively profit off of NFTs without ever touching the technology. This system sounds a bit nefarious, but to be fair, it\u2019s basically a micro version of how real-world money works.<\/p>\n<p>To clarify, cryptocurrency and NFTs are two totally different concepts. Like real-world money, cryptocurrency is fungible; two units of Bitcoin are worth the same amount of cash. An NFT, on the other hand, is non-fungible and holds a unique economic or social value.<\/p>\n<h2 role=\"heading\" aria-level=\"2\"><span class=\"ez-toc-section\" id=\"Minting_Who_Can_Create_an_NFT\"><\/span><a rel=\"nofollow noopener\" target=\"_blank\" name=\"autotoc_anchor_2\">Minting: Who Can Create an NFT?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<figure style=\"width: 1920px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-114985\" data-pagespeed-lazy-src=\"https:\/\/www.reviewgeek.com\/p\/uploads\/2022\/04\/8322b1b5.png\" alt=\"A magnifying glass over a Bored Ape NFT.\" width=\"1920\" height=\"1080\" src=\"\/pagespeed_static\/1.JiBnMqyl6S.gif\" onload=\"pagespeed.lazyLoadImages.loadIfVisibleAndMaybeBeacon(this);\" onerror=\"this.onerror=null;pagespeed.lazyLoadImages.loadIfVisibleAndMaybeBeacon(this);\"\/><figcaption class=\"wp-caption-text\"><span class=\"imagecredit\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.shutterstock.com\/image-photo\/kaunas-lithuania-2021-november-2-nfts-2068237091\">Rokas Tenys\/Shutterstock.com<\/a><\/span><\/figcaption><\/figure>\n<p>You need a big brain and a ton of spare time to create a blockchain. That said, creating an NFT is pretty easy, as blockchains like Ethereum are abundant are the NFT minting process is fairly standardized.<\/p>\n<p>Let\u2019s say you want to create some NFT art. Obviously, you need to start with a digital image. Any image will work, though the most popular NFTs are generated by algorithms. This \u201cgenerative art\u201d requires very little labor and often breeds poor results, but it\u2019s easy to produce at a large scale and ensures that every image is unique.<\/p>\n<p>Now that you have a beautiful piece of digital art, you need to set up a\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.howtogeek.com\/771394\/what-is-a-crypto-wallet\/\">crypto wallet<\/a>. These digital wallets are like bank accounts; not only do they hold your cryptocurrency and NFTs, but they have unique IDs (think of a routing number) to facilitate trade\u00a0<em>and<\/em> identify your activity on the blockchain. (Most people use the Metamask or Coinbase wallets for NFTs.)<\/p>\n<p>Your last step is the most expensive. It\u2019s time to pick a platform to mint (and potentially sell) your NFT.\u00a0OpenSea is the most popular option, though whatever service you use, you\u2019ll usually need to pay a \u201cgas\u201d fee to appease the website\u2019s owners. Assuming that you want your NFT on the Ethereum blockchain, you\u2019ll need to buy some ETH to pay for the minting process.<\/p>\n<p>I\u2019ve simplified things a bit, but this is the basic process for creating NFTs. Anyone can follow this process\u2014in fact, it\u2019s so easy that some people <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/youtu.be\/94kkXt3AoNA\">use bots to mint NFTs<\/a>.<\/p>\n<p>Note that NFTs are a poor investment. Your chances of getting rich off the technology are slim to none, as the market is oversaturated, overvalued, and brimming with fraud. I\u2019m only explaining how to mint NFTs so you can better understand the technology.<\/p>\n<h2 role=\"heading\" aria-level=\"2\"><span class=\"ez-toc-section\" id=\"All_About_Ownership_Your_NFT_Isnt_a_Deed_or_Copyright\"><\/span><a rel=\"nofollow noopener\" target=\"_blank\" name=\"autotoc_anchor_3\">All About Ownership: Your NFT Isn\u2019t a Deed or Copyright<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<figure style=\"width: 1920px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-114988\" data-pagespeed-lazy-src=\"https:\/\/www.reviewgeek.com\/p\/uploads\/2022\/04\/557b6bd8.png\" alt=\"A person signing a deed or contract for a home.\" width=\"1920\" height=\"1080\" src=\"\/pagespeed_static\/1.JiBnMqyl6S.gif\" onload=\"pagespeed.lazyLoadImages.loadIfVisibleAndMaybeBeacon(this);\" onerror=\"this.onerror=null;pagespeed.lazyLoadImages.loadIfVisibleAndMaybeBeacon(this);\"\/><figcaption class=\"wp-caption-text\"><span class=\"imagecredit\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.shutterstock.com\/image-photo\/close-real-estate-agents-hand-helping-1492523933\">Andrey_Popov\/Shutterstock.com<\/a><\/span><\/figcaption><\/figure>\n<p>Critical thinkers may notice a few thorns in this whole NFT thing. When you buy an NFT, you\u2019re basically buying a receipt; the digital asset tied to that receipt is still vulnerable to deletion and can be copied by any Tom, Dick, or Harry with a mouse and keyboard. Additionally, an NFT isn\u2019t the same thing as a deed or copyright\u2014its value, from a legal stance, is not well defined.<\/p>\n<p>To resolve this \u201cproblem\u201d and make NFTs a bit more \u201creal,\u201d governments and corporations would need to enforce NFT ownership through a centralized system. In such a system, computers and websites would\u00a0verify which files you\u2019re allowed to share, copy, or see. Additionally, people or AI would need to hunt down bootleg NFTs, and the justice system would need to enforce any violation of ownership.<\/p>\n<p>Such drastic changes to government, society, and technological infrastructure would take decades to implement. It would also violate the idea of a \u201cdecentralized\u201d economy, which many crypto enthusiasts see as the big selling point for blockchain tech. (To be fair, the above system would still work with a decentralized blockchain \u201cledger\u201d that anyone can view.)<\/p>\n<p>So, for the time being, an NFT confers only a vague sense of \u201cownership.\u201d Let\u2019s say\u00a0you purchase a one-off Jay-Z single as an NFT\u2014unless that purchase includes a real-world transfer of copyright, you can\u2019t redistribute the song you just purchased. As far as the court is concerned, the only things you purchased are bragging rights and an MP3. (This is the same way that buying art or music works in real life. Still, it\u2019s worth clarifying, as some people are very confused on this point.)<\/p>\n<p>But maybe NFT ownership doesn\u2019t need to be \u201creal\u201d or enforceable. Some people just want the NFT, be it for the prospect of financial gain, the chance to participate in an emerging technology, or those precious bragging rights.<\/p>\n<p>Heck, some people are just really into the idea of buying NFT clothing or items for video games or the \u201cmetaverse.\u201d But that brings us to our next point; some futuristic use-cases for NFTs already exist without blockchain technology.<\/p>\n<h2 role=\"heading\" aria-level=\"2\"><span class=\"ez-toc-section\" id=\"NFT_Everything_Reinventing_the_Wheel\"><\/span><a rel=\"nofollow noopener\" target=\"_blank\" name=\"autotoc_anchor_4\">NFT Everything: Reinventing the Wheel<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<figure style=\"width: 1920px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-114991 size-full\" data-pagespeed-lazy-src=\"https:\/\/www.reviewgeek.com\/p\/uploads\/2022\/04\/acf9dc4f.png\" alt=\"A banner advertising Steam trading cards.\" width=\"1920\" height=\"1080\" data-crediturl=\"https:\/\/steamcommunity.com\/tradingcards\/\" data-credittext=\"Steam\" src=\"\/pagespeed_static\/1.JiBnMqyl6S.gif\" onload=\"pagespeed.lazyLoadImages.loadIfVisibleAndMaybeBeacon(this);\" onerror=\"this.onerror=null;pagespeed.lazyLoadImages.loadIfVisibleAndMaybeBeacon(this);\"\/><figcaption class=\"wp-caption-text\">Steam introduced a trading card system in 2013, all without NFTs. <span class=\"imagecredit\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/steamcommunity.com\/tradingcards\/\">Steam<\/a><\/span><\/figcaption><\/figure>\n<p>Because blockchain technology is relatively new, enthusiasts tend to overestimate its potential uses. It\u2019s often touted as a solution for problems that don\u2019t really exist or, in some cases, problems that have already been solved.<\/p>\n<p>Take, for example, the idea of in-game NFT collectibles. This is a pretty common pitch\u2014you earn random NFT items, such as character weapons, public profile badges, or digital trading cards while playing games. You can then sell or trade these NFT items in a marketplace for real money, and hey, they may accumulate value over time because of their rarity.<\/p>\n<p>Unfortunately for NFT enthusiasts, Steam implemented this system (sans NFTs) a decade ago. It added a random item-drop and trading system to\u00a0<em>Team Fortress 2<\/em>\u00a0back in 2010. And in 2013, Steam began giving away random trading cards based on the amount of time you spend in select games. These trading cards can be bought or sold on the Steam Community Market for cash, and their value fluctuates over time. All without the blockchain.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Literature NFTs will change the world.<\/p>\n<p>\u2014 medved (@mattmedved) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/mattmedved\/status\/1477096464895680512?ref_src=twsrc%5Etfw\">January 1, 2022<\/a><\/p>\n<\/blockquote>\n<p>There are plenty of other strange NFT pitches that don\u2019t make much practical sense. NFT enthusiasts have unknowingly reinvented\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.reddit.com\/r\/LateStageCapitalism\/comments\/rtvzxn\/i_might_be_crazy_for_saying_this_but_theres_this\/\">the concept of a library<\/a>, among other things. And while many enthusiasts say that NFTs can help artists get paid for their work, people <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.nbcnews.com\/tech\/security\/nft-art-sales-are-booming-just-artists-permission-rcna10798\">routinely steal digital art<\/a> to sell as NFTs, just as they steal art to sell on shirts and phone cases.<\/p>\n<p>Now, there are plenty of interesting use-cases for NFTs. Some people propose tying the technology to government IDs, which could help prevent fraud. Certifications and diplomas could also be verified by NFTs, though no one has tested to see if these ideas actually work, and they may not require the blockchain at all.<\/p>\n<p>Finding a real use for an emerging technology is always a difficult task.\u00a0But here\u2019s the thing; you don\u2019t see this level of uninformed enthusiasm for other new tech. That\u2019s because NFT and crypto owners have a financial stake in the blockchain. Mass adoption of this technology equals a massive payout, but if everything falls apart, people could lose literal fortunes.<\/p>\n<h2 role=\"heading\" aria-level=\"2\"><span class=\"ez-toc-section\" id=\"Speculative_Value_Are_NFTs_Worth_Anything\"><\/span><a rel=\"nofollow noopener\" target=\"_blank\" name=\"autotoc_anchor_5\">Speculative Value: Are NFTs Worth Anything?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<figure style=\"width: 1920px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-114986\" data-pagespeed-lazy-src=\"https:\/\/www.reviewgeek.com\/p\/uploads\/2022\/04\/180f1315.png\" alt=\"NFTs illustrated as a bunch of gold coins.\" width=\"1920\" height=\"1080\" src=\"\/pagespeed_static\/1.JiBnMqyl6S.gif\" onload=\"pagespeed.lazyLoadImages.loadIfVisibleAndMaybeBeacon(this);\" onerror=\"this.onerror=null;pagespeed.lazyLoadImages.loadIfVisibleAndMaybeBeacon(this);\"\/><figcaption class=\"wp-caption-text\"><span class=\"imagecredit\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.shutterstock.com\/image-photo\/nft-golden-coins-pile-non-fungible-1941386281\">Pop Villains\/Shutterstock.com<\/a><\/span><\/figcaption><\/figure>\n<p>We\u2019ve all heard it before; the market runs on a system of supply and demand. If a new technology comes along and replaces laptop computers, for example, demand for laptops will plummet, and brands like Acer or Dell will lose value.\u00a0But if a global pandemic forces millions of people to work from home, the demand for laptops will increase, and the laptop market will become more profitable.<\/p>\n<p>This system of supply and demand gets a little weird when it\u2019s applied to NFTs. You can\u2019t really \u201cuse\u201d an NFT\u2014the technology hasn\u2019t found a practical purpose. So, the NFT market is entirely speculative. The only reason to buy an NFT, from a practical standpoint, is the idea that it may become more valuable in the future due to increased demand.<\/p>\n<p>Increasing the demand for NFTs requires one of two things.\u00a0The first option is to find a practical use-case for the technology, which hasn\u2019t gone so well. But the second option is a bit more tenable, at least in the short-term; get people to buy NFTs by hyping up the technology and promising future gains.<\/p>\n<p>Newcomers to the NFT market will increase the demand for both NFTs and Ethereum (or whatever coin their NFT is based upon). They may even purchase an NFT from someone for a higher price than it was originally worth. But these newcomers won\u2019t see any immediate gain. In order to make money, they need to bring more people into the world of NFTs, which usually means hyping the technology as an investment.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">An NFT of Jack Dorsey&#8217;s first-ever tweet, which sold for $2.9M last year, ended with a top bid of just $280 <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/SqHeW238eq\">https:\/\/t.co\/SqHeW238eq<\/a><\/p>\n<p>\u2014 Taylor Lorenz (@TaylorLorenz) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/TaylorLorenz\/status\/1514365502100963330?ref_src=twsrc%5Etfw\">April 13, 2022<\/a><\/p>\n<\/blockquote>\n<p>Needless to say, NFTs are stuck in a nasty speculative cycle. Some people are completely deluded by the chance of making a fortune. And what\u2019s worse, the most clear-headed people in this game often take advantage of the madness through NFT scams or \u201c<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/redirect.viglink.com\/?key=204a528a336ede4177fff0d84a044482&amp;u=https%3A%2F%2Ffortune.com%2F2022%2F03%2F02%2Fcrypto-scam-rug-pull-what-is-it%2F\">rug pulls<\/a>,\u201d which are a type of fraud where people ask for investments and quickly disappear.<\/p>\n<p>You don\u2019t even need to get scammed to lose money in this space. The value of NFTs <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-03-03\/nft-mania-show-signs-of-cooling-as-average-price-sales-decline\">has plummeted<\/a> since 2021. For example, an NFT made by Twitter\u2019s Jack Dorsey initially sold for $2.9 million, but it recently <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.cnet.com\/personal-finance\/crypto\/jack-dorseys-2-9m-nft-tweet-auctioned-the-top-bid-280\/\">went for just $280<\/a> at an auction.<\/p>\n<p>We\u2019re not describing some weird phenomena that only applies to NFTs and cryptocurrency, by the way. Speculative bubbles are incredibly common. In the 17th century, \u201c<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/en.wikipedia.org\/wiki\/Tulip_mania\">tulip mania<\/a>\u201d turned ordinary flowers into tradable items worth several times more than the average person\u2019s salary. We saw a speculative bubble surrounding Beanie Babies in the 90s, and of course, the price <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/investorjunkie.com\/alternative-investments\/sports-card-investing\/\">of trading cards<\/a> reached an all-time high in 2021 based on the promise that \u201cthese cards will be even more expensive later.\u201d<\/p>\n<p>Even if NFTs find a practical use, the market is overvalued and quickly losing steam. Experts, including those who are NFT enthusiasts, believe that the bubble will burst.\u00a0But hey, if everything goes to hell, NFTs are unique and could hold historical significance\u2014maybe today\u2019s NFTs will be a hot commodity in a few decades! Sorry, but you may not want to hold onto an NFT for too long because there\u2019s no guarantee that it\u2019ll last forever.<\/p>\n<h2 role=\"heading\" aria-level=\"2\"><span class=\"ez-toc-section\" id=\"Files_on_a_Server_Many_NFTs_Will_Disappear\"><\/span><a rel=\"nofollow noopener\" target=\"_blank\" name=\"autotoc_anchor_6\">Files on a Server: Many NFTs Will Disappear<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<figure style=\"width: 1920px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-114989\" data-pagespeed-lazy-src=\"https:\/\/www.reviewgeek.com\/p\/uploads\/2022\/04\/3942e002.png\" alt=\"An illustration of a 404 &quot;not found&quot; error.\" width=\"1920\" height=\"1080\" src=\"\/pagespeed_static\/1.JiBnMqyl6S.gif\" onload=\"pagespeed.lazyLoadImages.loadIfVisibleAndMaybeBeacon(this);\" onerror=\"this.onerror=null;pagespeed.lazyLoadImages.loadIfVisibleAndMaybeBeacon(this);\"\/><figcaption class=\"wp-caption-text\"><span class=\"imagecredit\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.shutterstock.com\/image-vector\/error-404-page-not-found-website-1289932984\">vectorplus\/Shutterstock.com<\/a><\/span><\/figcaption><\/figure>\n<p>One of the big selling points behind NFTs, believe it or not, is that they are a permanent asset. But this is only partially true. While the blockchain <em>technically<\/em> ensures that all NFTs will exist \u201cforever,\u201d NFTs are just contracts that point to files on a server. And these files, whether they\u2019re JPEGs or MP3s, are actually quite vulnerable.<\/p>\n<p>A ton of the files associated with NFTs will disappear. Not necessarily for malicious reasons, but because server space costs money. People who host files associated with NFTs may run out of money, lose interest, or pass away, leaving the files to be deleted. And if a server crashes or a hosting company goes under, any files that aren\u2019t properly backed up could be destroyed.<\/p>\n<p>It sounds like a small problem, but the internet is lined with dead websites and lost files. In a recent study, researchers found that <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.cjr.org\/analysis\/linkrot-content-drift-new-york-times.php\">around 25%<\/a> of outgoing links in old New York Times articles are now dead. (This phenomenon, called link rot, is one of several reasons why the\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/archive.org\">Internet Archive<\/a> exists.)<\/p>\n<p>Admittedly, a handful of\u00a0server hosts and hackers will tamper with NFTs for fun. If you have access to a server that hosts files for NFTs, you can simply replace those files with anything you want. You could even replace someone\u2019s fancy digital painting with a RickRoll GIF.<\/p>\n<p>Some NFT solutions aren\u2019t as vulnerable to link rot or tampering, at least in theory. Peer-to-peer hosting spreads a file across several peoples\u2019 computers, effectively building a network of hosts and backups around the world. But long-lasting P2P networks require a lot of long-term participants, and as any torrent freak will tell you, people are flakey .<\/p>\n<hr\/>\n<p>While NFTs are innovative and interesting, the technology hasn\u2019t found a proper use case. That may change in the future, but for the time being, NFTs are just a vehicle for gambling and scamming.<\/p>\n<p>It\u2019s an unfortunate situation. By default, NFT owners have a financial stake in the technology. If they patiently searched for NFTs\u2019 true purpose, they could make their money <em>and<\/em> advance technology. But they\u2019ve decided to go the easy route, hyping NFTs and over-stating the tech\u2019s capabilities to make a quick buck.\n<\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><script>\nsetTimeout(function(){\n  !function(f,b,e,v,n,t,s)\n  {if(f.fbq)return;n=f.fbq=function(){n.callMethod?\n  n.callMethod.apply(n,arguments):n.queue.push(arguments)};\n  if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version='2.0';\n  n.queue=[];t=b.createElement(e);t.async=!0;\n  t.src=v;s=b.getElementsByTagName(e)[0];\n  s.parentNode.insertBefore(t,s)}(window, document,'script',\n  'https:\/\/connect.facebook.net\/en_US\/fbevents.js');\n  fbq('init', '1137093656460433');\n  fbq('track', 'PageView');\n  },3000);\n<\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more like this article, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/technology\/\" target=\"_blank\" rel=\"noopener\">Technology category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/www.reviewgeek.com\/111674\/everything-you-need-to-know-about-nfts\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;Everything You Need to Know About NFTs \u2013 Review Geek&#8221; mundissima\/Shutterstock.com We\u2019ve reached a point where NFTs are unavoidable. They line the bowels of social media, turn franchises like\u00a0Star Trek into \u201cinvestments,\u201d and hog advertising space during football games.\u00a0Still, despite the over-saturation of NFTs, you probably have zero experience with the technology. NFTs are the&#8230;<\/p>\n","protected":false},"author":1,"featured_media":435810,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/www.reviewgeek.com\/p\/uploads\/2022\/04\/d58505c9.png","fifu_image_alt":"","footnotes":""},"categories":[18],"tags":[],"class_list":["post-435809","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-technology"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/435809","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=435809"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/435809\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/435810"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=435809"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=435809"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=435809"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}