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  • Writer's pictureTharindu Ameresekere

Digital Friday >>> Rise of NFTs

Time and again a world hungry for the “new” keeps discovering innovative tools and solutions and recent times have seen a new entrant to the area. NFTs. Non Fungible Tokens might not look to be your average novelty superstar but it has caught on like a raging fire among communities.

From a digital sense, it is simply a digital file. Such as a video, an image, an audio clip. But they are issued in limited volume and traded via NFTs platforms such as Super Rare, Rarible, OpenSea etc...

Since November 2017, over 170 Million USD has been spent on them. These can be a video clip issued by a racing team of their driver returning to the pit after winning a race, an audio clip from the team radio etc. The prominent digital artist Mike Winklemann, widely known under the alias “Beeple” created a series of 5000 drawings titled “EVERYDAYS: The First 5000 Days”. This was sold at a record-breaking $69.3 million and could perhaps be regarded as one of the most famous NFTs currently.

Any individual can view each of the images or even the entire collage online for free. So this often poses the question, why are people willing to spend millions on something they could download, screenshot, click or view completely free?

This is solely because an NFT allows the buyer to own the original item. In addition it contains built-in authentication or in other words indicates proof of ownership. There is also something called “digital bragging rights” which some collectors value more than the original item itself.

Perhaps in Sri Lanka too, some musicians could make rare insider discussion footage as an NFT, an original audio clip of a song, or maybe even a selfie they have taken. And for any party planning to enter this trend right now could also benefit from a first move advantage.

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