The rise of NFTs, should you invest in it?

Nathan Basilio, Contributor

NFTs, Non-Fungible Tokens, something that has blown up these couple months. Should you invest in it? Is it something you should rely on to make money? Non-fungible tokens or NFTs are cryptographic assets on a blockchain with unique identification codes and metadata that distinguish them from each other. This differs from fungible tokens like cryptocurrencies, which are identical to each other and, therefore, can be used as a medium for commercial transactions. Here are a few things that made NFTs so popular, and if its good to invest in.

One thing that made NFTs so popular was though a man named Mike Winkelmann, aka Beeple sold his NFTs everyday for “the first 5000 days” (2021) for $69 million at Christie’s making Winkelmann third most expensive living artist in the world. This was the first time a prestigious auction house offered an NFTs.

One other thing that has aided NFTs growth is “yacht club”. This NFT series came to not only dominate the NFT market but also to fundamentally shape it. Initiated by Gordon Goner, Gargamel, No Sass, and Emperor Tomato Ketchup–“all pseudonyms”. In the wake of the success of “BAYC,” a wave of similar projects launched. These projects are known as profile-pic NFTs (PFP NFTs) because they usually depict a portrait that can be used as a social media avatar. While not all PFP projects depict animals, the majority do. PFP NFTs came to dominate the market, especially over the summer. Trading was so intense that collectors dubbed the season the JPEG Summer. PFP NFTs became the face of the NFT community and market overall, drawing ire from outside critics who saw the dominance of these collections as proof that NFTs lacked artistic value.

With these important moments in the evolution of NFTs. Is it something that people think you should invest in? Is it worth the risk to invest money into NFTs. Here are some of the responses of the people I have interviewed.

Ethan Nguyen: “Somewhat yes or no, yes because you an make a lot of money (in investing in NFTs) but no because it hurts the environment, burning a lot of energy

Leo Lee: “Yes, because sometimes prices of the NFT can go up”