The Cryptocurrency trading market has been stormed by a surge of blockchain based digital art works, meaning NFTs are on the rise.
The Founder of Ethereum, Vikalik Buterin, is the architect of the first blockchain that supports the NFT standard and has proposed a philosophical solution to a potential pricing issue for the crypto market investments.
Vikalik Buterin, a devoted World of Warcraft fan, compared NFTs to in-game valuables, which is isn’t far off the mark. Much like the unique characteristics of NFTs, unique digital items were introduced for WoW creators. Once a player redeemed their item they became “soulbound” to the buyer which was implemented to combat the player bases tendency to sell their items.
"Proof of attendance protocol,” or “POAP”, was discovered to have certain similarities by Ethereum's developer. In this situation, whether or not you physically attended an event, auction, or NFT drop, your acquired NFT receives a "badge." This mechanism moves the item's essential value to the creator or collector, similar to how tangible art works in the real world do.
In the actual world, however, value is frequently created by a combination of a creator and an art. Yes, we recognise Leonardo da Vinci as a wonderful artist, but the Mona Lisa is famous across the world due to a series of events that occurred surrounding the painting.