New impact of NFT’s


The Bored Ape Yacht Club is increasingly becoming the most poular version of NFT. Apes take on various styles of the metaverse. Photo by: Jordan Castro courtesy of Unsplash

There is a new craze in digital currency currently in society. NFTs (non-fungible tokens) are becoming even more popular than bitcoin. Celebrities such as Stephen Curry, Reese Witherspoon, Gweneth Paltrow, and Eminem have all purchased at least one NFT. Non-fungible tokens are unique collectible digital assets. NFTs allow people to prove ownership of digital assets.

Part of the reason why NFT’s have become so popular is because each one is so unique. You can become members of exclusive clubs such as the Bored Ape Yacht Club by purchasing a bored ape NFT. These bored apes all look different and not one is the alike. Most people end up purchasing the one that they like the most or reflect their personality the best. These NFTs flaunt your status in the community and truly show the world who you are.

Now that many celebrities are joining the game, NFTs have risen in price as they are in a really hot market. According to C/Net, it took 12 hours for 10,000 to sell out at a price of 0.08 ether, or around $190. Those original buyers (first people to purchase NFT’s) have made it out like bandits. Right now the average cost of one NFT is around $210,000. The highest record price for one to be auctioned off was 2.85 million dollars.

However, there are those that think NFT’s are pointless. Junior Brody Line says that, “I personally think they’re pretty stupid, how does a digital item have value?” 

It can be hard to believe just how something digitally has grown so much and Line believes that, “NFTs shouldn’t be valuable because the market that they are in doesn’t make that much sense.” He continues, “As for owning an NFT, I don’t see myself buying one in the future.”

NFT’s are part of a hypothetical market that isn’t based on anything so it is reasonable Line is questioning this new craze.

Although, to some, NFTs seem like an investment such as the bitcoin. They believe that in the future we will only use digital currency. Others view NFT’s as just another form of asset that stands out from the rest. Something that they can show off to their friends and family.

Grace Kay, from Insider, says, “People have long used art to store value,” says Kay. “Crypto extends easily into digital art. This is just a more modern approach to investing in art and using it like someone would use gold or bitcoin.”

Kay thinks the NFT boom was accelerated by the pandemic, but ultimately inevitable, a product of the tech boom that younger generations would have eventually driven anyway. NFT’s are not only used for wealth and prosperity but they can actually be used for activism as well. Once such recent example of activism stemmed from NFT’s takes place in this years Olympics

According to NBC News, many countries, including the U.S., are staging a “diplomatic boycott” of the Winter Games as no government officials will visit Beijing in protest of alleged human rights violations against a Muslim ethnic group in China. “Chinese artists are turning digital keepsakes known as NFTs into a new form of protest.”

These NFTs can help spread a positive message to the community and our society as a whole. It is important to keep in mind that while it may be hard to fully grasp the concept of NFTs they just might impact society for the better. The market for these digital art pieces is booming and they can now be used for activism. NFTs could be around for years to come and it is time for many of us to start jumping on the new bandwagon for success.