{"id":27144,"date":"2021-03-22T17:30:00","date_gmt":"2021-03-22T22:30:00","guid":{"rendered":"https:\/\/www.casino.org\/blog\/?p=27144"},"modified":"2021-03-25T03:36:35","modified_gmt":"2021-03-25T08:36:35","slug":"7-reasons-why-everyone-is-obsessed-with-nfts","status":"publish","type":"post","link":"https:\/\/www.casino.org\/blog\/7-reasons-why-everyone-is-obsessed-with-nfts\/","title":{"rendered":"7 Reasons Why Everyone Is Obsessed With NFTs"},"content":{"rendered":"\n<p>NFTs\naren&#8217;t at all new, but they&#8217;ve really taken off recently. If you&#8217;re wondering\nwhy anyone cares, here&#8217;s why&#8230;<\/p>\n\n\n\n<p>Catapulted\ninto the mainstream consciousness through celebrity digital art auctions\nfeaturing the likes of Grimes, Paris Hilton and Lindsay Lohan, NFTs are also\nknown as \u2018non-fungible tokens\u2019. <\/p>\n\n\n\n<p>This\nessentially means they act as unique \u2018receipts\u2019 or \u2018certificates\u2019 that\nrepresent an artist\u2019s or buyer\u2019s ownership of a digital asset &#8211; which could be\nanything from art, music, sporting moments, games, virtual properties, or even\npets.<\/p>\n\n\n\n<p>The\ntokens legitimize and authenticate the original digital product, which can be\nbought, traded and stored using cryptocurrencies and blockchain technology. <\/p>\n\n\n\n<p>But\nwhy are they suddenly so \u2018big\u2019?<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">1. <strong>Exclusive, Exclusive, Exclusive<\/strong><\/h2>\n\n\n\n<p>Just\nlike with real-world rare antiques and art, there\u2019s something in people\u2019s\npsychology that makes them want to own an \u2018original\u2019\u2026and to be able to prove\nit. <\/p>\n\n\n\n<p>If you ever chased after the <a href=\"https:\/\/zenmarket.jp\/en\/blog\/post\/9607\/rarest-pokemon-cards-expensive-pokemon-cards\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">rarest Pok\u00e9mon cards<\/a>, you\u2019ll understand exactly why. <\/p>\n\n\n\n<p>NFTs\ntake that to the next level in the digital world, where information and assets\nare usually far more accessible and shareable. <\/p>\n\n\n\n<p>This\nmakes owning that first work, which nobody else has or can truly fake, even\nmore appealing. <\/p>\n\n\n\n<p>Suddenly\nthere\u2019s kudos and value in owning a video clip that\u2019s already gone viral, or a\ndrawing by a celebrity &#8211; even if a thousand copies have already been\ndistributed. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>2.\nA Slice Of Virtual Real Estate <\/strong><strong><\/strong><\/h2>\n\n\n\n<p>Where\ncelebrities and the super-rich start, the rest of us usually follow. <\/p>\n\n\n\n<p>Many\npeople see possessions as an extension of the self, and this can pour over into\nour online lives, too.<\/p>\n\n\n\n<p>You\nmay not be able to hang an NFT up in your house or drive it around town for all\nto see &#8211; with a lack of tangibility usually one of the main criticisms levelled\n&#8211; but you can let your digital neighbors know about it.<\/p>\n\n\n\n<p>A\nbookcase, games library or an art collection may decorate your physical home\nand act as an indicator of your personality, interests and wealth. <\/p>\n\n\n\n<p>But\nthe same principle applies for NFTs in the virtual domain, where an increasing\nnumber of people experience their \u2018real lives\u2019. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>3.\nMoney, Money, Money<\/strong><strong><\/strong><\/h2>\n\n\n\n<p>As\nyou\u2019ll already have seen from the headlines, some of the strangest NFTs have\nsold for big money. <\/p>\n\n\n\n<p>Seconds-long\nvideo clips, GIFs and cat memes are just some of the weirdest things people\nwill buy for big money. <\/p>\n\n\n\n<p>Yep,\nwe\u2019re talking millions here. <\/p>\n\n\n\n<p>That\u2019s\ngreat news for digital creators, who can earn stacks of cash for their\noriginals, while still allowing them to be seen and enjoyed by all. <\/p>\n\n\n\n<p>But\nthe boost in popularity and celeb bandwagon is also good news for collectors\nand investors. <\/p>\n\n\n\n<p>In\nthe same way as rare art, the value of these unique digital items appreciates,\nmaking collecting a potentially lucrative way of investing in the digital world\nas well as the \u2018real\u2019 one. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>4.\nGlobal Community Of Convenience <\/strong><strong><\/strong><\/h2>\n\n\n\n<p>There\nmight be a lot of money involved, but NFTs are also accessible to anyone, far\naway from just the high-end market.<\/p>\n\n\n\n<p>Being part of a global online community means you can find, buy and own whatever you want digitally &#8211; even if that\u2019s a video of a flying baby or a digital card of a famous <a href=\"https:\/\/www.casino.org\/blog\/the-most-expensive-nba-top-shot-moments-so-far\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"sporting moment (opens in a new tab)\">sporting moment<\/a> &#8211; without having to ship or store any physical items.<\/p>\n\n\n\n<p>Unlike with physical <a href=\"https:\/\/www.casino.org\/blog\/most-expensive-sporting-memorabilia\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"memorabilia (opens in a new tab)\">memorabilia<\/a> such as old school Pok\u00e9mon packs and Panini World Cup stickers, you don\u2019t have to go out hunting for them or hope that you\u2019ll get lucky. <\/p>\n\n\n\n<p>The\nvery nature of NFTs allows buyers to find distinctive one-off items easily,\nwherever they are in the world &#8211; without being obstructed by physical space or\nnational borders. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>5.\nRelatively \u2018Bulletproof\u2019<\/strong><strong><\/strong><\/h2>\n\n\n\n<p>While an \u2018act of God\u2019, such as fire, a flood or a simple accident could lead to the loss or damage of expensive collectors\u2019 items in the physical world, prized digital assets are much more \u2018durable\u2019 and \u2018long-lasting\u2019. <\/p>\n\n\n\n<p>In\nthis way, NFTs may make for prudent legacies and family heirlooms of the\nfuture.<\/p>\n\n\n\n<p>However, that\u2019s not to say NFTs aren\u2019t vulnerable to hackers and theft, with instances of <a href=\"https:\/\/www.theverge.com\/2021\/3\/15\/22331818\/nifty-gateway-hack-steal-nfts-credit-card\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">stolen digital artwork<\/a> and credit card details previously reported.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>6.\nReduced Risk Of Fakes<\/strong><strong><\/strong><\/h2>\n\n\n\n<p>These\ndigital tokens should reduce the risk of fraud and fakes.<\/p>\n\n\n\n<p>With\nthe authenticity and the history of each unique item is tracked and &#8211; in theory\n&#8211; incorruptible, shoppers should know exactly what they\u2019re paying top dollar\nfor. <\/p>\n\n\n\n<p>This\nis unlike dipping into other online marketplaces such as eBay, where big buys\ncan sometimes be a leap of faith and buyers may not know if an item is a\nreplica or a fake until it arrives. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>7.\nMoney Laundering<\/strong><strong><\/strong><\/h2>\n\n\n\n<p>Just\nas with other subjective investments, purchasing NFTs is an easy way to wash\ndirty money. <\/p>\n\n\n\n<p>In\nan online marketplace where the most bizarre items could suddenly become\npopular and then surge in price, it\u2019s tough to pinpoint truly suspicious\ntransactions. <\/p>\n\n\n\n<p>Although\ninvestments may be easy to trace digitally, a lack of regulations on how to\nvalue digital assets in the virtual world may make cases difficult to prove. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Are\nNFTs Here To Stay?<\/strong><strong><\/strong><\/h2>\n\n\n\n<p>As\nmentioned earlier, NFTs have actually been around for a while, with some\narguing that early attempts were even made as far back as 2012 with \u2018Colored Coins\u2019. <\/p>\n\n\n\n<p>To see examples that are more relevant to today\u2019s craze, you only have to cast your mind back a couple of years &#8211; to see the rise of <a href=\"https:\/\/techcrunch.com\/2017\/12\/03\/people-have-spent-over-1m-buying-virtual-cats-on-the-ethereum-blockchain\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">Cryptokitties\u2019 digital cats<\/a> since 2017, or <a href=\"https:\/\/medium.com\/cryptostrikers\/why-were-putting-sports-cards-on-the-blockchain-c00112150033\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">CrytpoStrikers\u2019 sports cards<\/a> from 2018. <\/p>\n\n\n\n<p>With\nthat in mind, we\u2019re only just at the beginning of seeing what NFTs can do. <\/p>\n\n\n\n<p>And,\nas more and more celebs and famous faces get involved in the digital\nmarketplace, they don\u2019t look like they\u2019re going anywhere anytime soon. <\/p>\n\n\n\n<p>After\nall, plenty of people once thought Facebook and Twitter would be passing\ntrends. <\/p>\n\n\n\n<p>But\nwhen it comes to NFTs, there\u2019s certainly value in being \u2018one of a kind\u2019\u2026<\/p>\n","protected":false},"excerpt":{"rendered":"<p>NFTs aren&#8217;t at all new, but they&#8217;ve really taken off recently. If you&#8217;re wondering why anyone cares, here&#8217;s why&#8230; Catapulted&nbsp;&#8230;<\/p>\n","protected":false},"author":45,"featured_media":27026,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[22],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>7 Reasons Why Everyone Is Obsessed With NFTs<\/title>\n<meta name=\"description\" content=\"NFTs explained \u2013 What&#039;s The Big Deal? 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