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One of the best yet overlooked ways to understand NFTs is to go through the lyrics of Katy Perry’s 2010 hit song Firework. Well, some of it anyway.
You don't have to feel like a waste of space
You're original, cannot be replaced
Of course, by “you”, she was prophetically referring to NFTs, which stand for Non-Fungible Tokens. If you are still wondering what NFTs are, we don’t blame you. Those lyrics are quite deep and complicated, unlike its subject: NFTs.
Let’s simplify it further. Non-fungible means irreplaceable.
Unique. Just like you. And everyone else.
Think of an NFT as the sole digital deed of ownership of something in the virtual or physical world. And that something could be anything. Pictures. Videos. Music. Tickets. Even coupons. From a video of a naked Donald Trump sprawled face down in a park to a GIF of Nyan Cat farting rainbows gleefully in outer space, NFTs represent every recess of the human mind.
Now, you may wonder how an image or a video clip that is available online for free can be irreplaceable when you can copy or download it. Well, just like how a photograph or video of you is not the same as you, a copy of an NFT is not the NFT itself. ‘But they look exactly the same!’ you may protest. This is where the blockchain comes in. NFTs are based on the blockchain (practically a virtual ledger), which means they can be traced back to the original owner.
There’s always a price to pay when it comes to the real thing, and with NFTs, it could well be worth it. Just like an original Rembrandt will always be more valuable and prestigious than a copy (unless Mr. Bean was involved), if you buy an NFT, you will be the proud owner of the real thing (the copyright may still be owned by the artist).
It may seem like NFTs are the kind of things that only a Mr Burns type would be into. A plaything for the super-rich and bored. But this is as far from the truth as lunch is from supper. In fact, NFTs have kind of made art more accessible.
For instance, you can now own an NFT of a painting that sold for millions of dollars in the real world for a fragment of the price. Well a small part of it anyway.
It’s also great for creators of art. There was no real marketplace for digital art before this whole NFT thing. It encouraged a lot of budding artists to put their work out there in the digital space. Now, thanks to NFTs, digital artists around the world are able to earn money for doing what they love. Oh and they are able to do this without the fear of their hard work getting plagiarized thanks to NFTs enabling them to territorially mark their work, functioning as digital signatures.
Another endearing fact about NFTs is that they help artists (professional and amateur), whose work may not be recognized in the real world due to lack of exposure, to sell their work. You don’t have to be in Paris, drinking wine with a bunch of art snobs to get your work noticed (yes, that’s how Van Gogh did it). You can sell your work sitting at home and drinking your choice of beverage.
And the best part? You don’t have to actually talk to a bunch of art snobs (I can hear the reclusive artists celebrate quietly). You can put your work up for sale in NFT marketplaces such as OpenSea or Rarible and wait for the highest bidder. Also, NFT sales remove the middleman due to their direct-to-consumer nature. So your artwork is open to the public and not scrutinized under the monocle of a select few.
Though NFTs sound complicated and at times unnecessary, they are revolutionizing the way things work. From Kings of Leon releasing new music as NFTs to McDonald’s serving McRib NFTs, these unique tokens are shaking things up for both creators and consumers. Kind of like a firework exploding onto the public consciousness.
With that segue, it’s time to make this article come full circle by concluding with another set of thoughtful lyrics from Katy Perry’s Firework, which, again, relates to NFTs.
Make 'em go, "Oh, oh, oh"
You're gonna leave 'em all in awe, awe, awe
