No one have thought images stored on the blockchain would be considered a lucrative investment? Even at the start of 2021, there were criticism from famed individuals like Charlie Lee, thefounder of Litecoin, who openly scrutinized Non-Fungible Tokens.
Despite the rising criticism, there were also prominent figures who begged to differ in the meaning and purpose behind NFTs. According Cathie Wood:
“I think the great thing about NFTs is the original artist is on record there forever. There’s no way to change it,” Wood said. “That’s the wonderful thing about blockchain technologies — immutability.”
She added: “The idea that someone who could create a base layer of art and have others build on top and pay a royalty in order to build up the ecosystem, that’s so fascinating.”
NFTs… are they valuable?
The rallying of Bitcoin, the crusade of memecoins led by $Dogecoin, crypopunks being sold at over 7 million dollars a piece, Beeple selling an NFT for a shocking 69 million dollars… the list of wonders goes on in 2021.
Why? Many people still ask skeptically. Why is there value in cryptocurrency? Why is there value in NFTs?
It’s quite simple. The value of NFTs comes in preservation, scarcity, and authenticity.
There is no way to manipulate, change, erase, or edit anything minted on the blockchain. There is power in preservation and what Cathie Wood has called ‘immutability’.
