What is NFT and could it be the next big thing?

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One of the buzzing words in the cryptocurrency world is NFT or Non-Fungible Tokens. NFT is a type of crypto asset in which an asset is made unique by giving them a unique code. You can have the replica of the digital asset but through the code, you become the owner of that digital asset.

If you don’t know already Beeple has sold an NFT for $69 Million or 501 crore at first of its kind auction at Christie’s. Jack Dorsey, founder of Twitter is selling his first-ever tweet, which may fetch up to $2.5 million.   if you are wondering what NFT is watch the Money 9 interview with Nischal Shetty, founder of WazirX and Vikram Rangala, chief marketing officer of Zebpay.

Could NFT be the next big thing?

Shetty said, “You have to buy one to experience it. Otherwise, if you sit on the sideline and say, what’s so great about having a unique token. The thing is that feeling of ownership that only comes when you buy an NFT. And once you feel that you realize that everyone on this planet will want to own some form of a digital token in their lifetime. And if that is true this is a huge market. It’s very early days to understand how fast it will grow. But I think digital ownership is going to be a thing in the future where everyone will be able to show off some token that they own and hold on their mobile phone.”

Rangala said, “The principle that our unique creations are valuable is important because it means that we are recognizing that people’s unique creations ought to be protected. I will confess when I first saw NFTs, it was the first big famous project with something called crypto kitties, little drawings of cats. That people were buying because each cat was unique. I looked at it and I thought, I thought it was stupid actually. I shouldn’t say that, but I really just didn’t get it. And I thought, you know, I can draw a cat. Why are people trading pictures of cats Why are they valuable? Why is this market even a market? I did not understand it at all. Until I understood that there’s a technology behind it so that it need not be pictures of cats.”

He added, “You know, anything that is unique and a value to human beings. That value can be recognized and verified and, and you can own it without the, with much less chance of theft. And so that principle, the idea that what you create is yours until you give it away freely that powerful and NFTs allow us to express that in the marketplace in a unique way.”