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The Crimson

The student news site of Bernards High School

The Crimson

The student news site of Bernards High School

The Crimson

NFT’s take the crypto currency world by storm

NFTs+take+the+crypto+currency+world+by+storm

With technology advancing more and more everyday, there are not many surprises to what comes our way. And with these advancements, we need to adapt to these changes. 

NFTs or non fungible tokens have taken the crypto currency world by storm. NFTs are  non-interchangeable tokens, uniquely created so they cannot be replaced in any form. 

An NFT can be compared to a  sports trading card with a  one-of-a-kind  authentic autograph on it. It cannot be replaced but can easily be traded with anyone.  People can purchase  NFTs on OpenSea, the largest NFT marketplace. NFTs are mostly a part of the Ethereum blockchain, as Ethereum is a cryptocurrency like Bitcoin, that is  a digital asset formed by a computer network software that enables secure trading and ownership for the public. The price of one Ethereum is equivalent to $3,161.91 U.S dollars. 

A block chain is a distributed database network of computers that records information that makes it impossible to hack or change the protected system. Instead of one specific group holding all of the information, all of the information is spread across the entire network. When you put money into an NFT, you could be buying a digital piece of artwork, the rights to a logo, or even a character you can use for play to earn gaming. It is questionable to invest any kind of money into the digital world, but the future is technology and NFTs are heading “to the moon.” Many large brands are hopping onto the NFT wagon, such as Pizza Hut, Pringles, and Ticketmaster, as all are teaming up with the NFL to gift each fan that attends Super Bowl LVI their own complimentary, customized NFT showing their bought section, row, and seat for the big game, providing the fans with a digital keepsake from their Super Bowl experience. NFTs are new, cutting edge technology that can change the way these brands engage with their customers. 

Although it is still at the early stages, as more people invest their money into NFTs, it will soon become a major part of everyone’s lives. As many people adapt to these trends, the NFTs will increase in value and utility. The advancements of technology have created a new world called the “metaverse,” a fully realized digital world that exists beyond the one in which we live in, coined by Neal Stephenson in his 1992 novel Snow Crash, and further explored by Ernest Cline in his novel Ready Player One, the expansion of our universe in virtual reality. There are already large amounts of people using virtual reality everyday, and those numbers will continue to increase. It is not uncommon for fake NFTs to be put on the market for unsuspecting investors. Before buying an NFT, it should be known that the token the person is selling you owns the rights to it. Before purchasing an NFT, research the asset and make sure the person or brand is not scamming you. And of course, before you do invest into this market, understand that this is a new industry that is unpredictable and could cost more than the average person is willing to spend. 

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