New NFTs Trend

Game of the Thrones NFTs are the latest trend.

Even with the salad fingers... yes... it sold out quickly!

I asked ChatGPT about NFTs, here is what it said:

NFT stands for Non-Fungible Token. NFTs are a type of digital asset that represent ownership of a unique item or piece of content, such as an image, video, or piece of music. Unlike cryptocurrencies, which are fungible and interchangeable, each NFT is unique and cannot be replaced by another identical token. NFTs are stored on a blockchain, which is a decentralized digital ledger that is used to record transactions and ownership of digital assets.

In practical sense, NFTs can be used to certify ownership and provenance of digital art, collectibles, in-game items, and other digital assets. These can be bought, sold, or traded on NFT marketplaces. Some use cases are online gaming and collectible trading cards, digital collectible figurines, Virtual reality assets, trading card games and other gaming assets.

Did you know NFT was originally an idea from baseball card collections?

People collected baseball cards back in the 80s and sold them online during the 2000s and flipped the value.

Those cards were collections, and many were no longer being made, making them scarce. 

The difference between NFTs and baseball cards is that NFTs are made scarce through creators' desire. 

An artificial scarcity is created for those digital collections that are different from obsolete due to unwanted technology and phased out, which makes NFTs more speculated.

Of course, NFTs can always come back and pump the price up, but it may take years. Also, those NFTs can become useless and worthless and no longer be worth anything when new technology becomes available to replace the older ones.

Anyhow, NFTs are speculative, and Game of Thrones collections look funny.

Photo by William Daigneault on Unsplash