NFTs has caught the curiosity of many people around the world and has left many confused on how a pixeled JPEG image is going for millions. Many people outside the NFT community wonder why would anyone buy an image for that much however these JPEG’s are more than just pixeled images. The JPEG images are called NFTs and are being bough for millions on OpenSea, Rarible, SuperRare, and Foundation. These NFTs are purchased with ethereum through the blockchain system and once an user buys he then becomes the owner through the blockchain until the owner sells it. Many companies, CEOs, celebrities and influencers have encouraged many others to take part of the NFT community.
A billionaire investor, Mark cuban, who has found lots of interest within the crypto world innovations of crypto currency’s, crypto wallets, and blockchain systems has encouraged many to hop into it early on since it has lots of potential in the near future . He has encouraged many more to join the NFT community since he believes that the blockchain technology is innovating technology with lots of potential because it allows the creator of the NFT to get a 10% cut from every future transaction made. The blockchain system is different opposed to that of physical art since once the artist has sold his art its a done deal but however with NFTs because of the blockchain implemented system the original creator of the NFT will go on to keep getting money from all the future transactions made after it has been sold. Mark Cuban finds this “smart contract” system within the blockchain really exciting since the system will do everything on its own without no middleman, which he sees as a “game changer”. This built in self contract system in the blockchain program has so much more potential and only time will tell what more uses it will have in the future. The NFT blockchain is a technology that is here to stay since the NFT community has gotten so large over such a small period of time and he sees a future for the blockchain technology which may allow us to be able to own so much more digitally other than just artwork, songs, and videos.
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