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NFT And The Hype – Is It Worth It?

A chubby cat NFT image,  painting a rainbow in the sky! This might look like an innocent digital painting made by a 5-year-old. Aww, cute!

But did you know, this cute cat NFT was sold for 300 Ethereum, worth 5,91, 351 dollars!!!

Nyan Cat NFT








Wondering, if that is even possible?

Yes, it is!

The opening of the cryptocurrency universe has opened endless possibilities for the 21st-century world! This new avenue of digital art is called NFT.

Non-Fungible Tokens. These are pieces of art, audio clip, music, gif , and even screenshots of Twitter posts that are creating headlines every day and making big money. When I say big money, I mean it!

Let’s cut the noise and head straight to NFTs explained on point.

What are NFTs?

NFTs are collectibles that cannot be subdivided, substituted, or copied but can only be owned. All the information about their ownership is stored using blockchain technology. Since they cannot be replicated, they remain rare and fetch chips!

Just like the limited edition watches or rare stamps that fetch a high value. Even if the watches get duped, the original one  remains the star of the limited edition version and out beats the others.

But why is there so much hype about silly-looking NFT s ?

Money, silly! The hype is because of all the money that is circulating in the digital art space.

NFTs hold different objectives for different people.

Artist – If you are an artist, you get an opportunity to showcase your art. Your art gallery will not be limited to a 4 walled hall. Your showcase space will be as big as the internet itself.  It’s great to get appreciated by admirers across the world but a million dollars in your bank account doesn’t hurt!

Buyer – Out of my observation, I can say, that humans want to feel belonged to a community. Buyers of the same feather want to flock together. They buy NFTs under the same umbrella or similar-looking ones to depict their community, cult, values, or culture. A great example of this is CryptoPunks. 

These similar-looking 10,000s of dudes are designed by Larva Labs and are being sold for around 7 million dollars.

CryptoPunks- StockSandhya
CryptoPunks by Larva Labs










Collector – A collector is a buyer who will hoard his collectibles until the demand reaches its peak. When the valuation and bid balloon up for the NFT in his kitty, he will let go of his possession. There is no guarantee as to when a collectible’s value will blow up. It might even take years.

The Nayan Cat was created by Chris Torres in 2011 and became a YouTube sensation only in 2021.

But hey, the ten-year wait is worth it if your NFT will fetch you about 5 million dollars!

Most people are just grateful to have the NFT space that is valuing artists and gives them an arena to showcase their work.

Leave a comment and tell me what kind of NFT enthusiast are you?

The next article will be about the hows. How to buy and sell an NFT?

New to the cryptocurrency world? Read 5 Ways To Learn About Cryptocurrency As A Beginner



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