Non-fungible tokens as the Buttons define, are "a unique digital identifier that cannot be copied, substituted, or subdivided". I have always wondered what the value of NFTs was. I never really understood the hype behind NFTs. Mr. Button mentioned how the value of NFTs depends on what the NFT reflects. So, an NFT can be valuable to someone who sees the value in it, but since I don't see the value in it, I don't want it. Hence the term, non-fungible.
The speakers mentioned something interesting about how we take pictures on Instagram or Snapchat, but we don't "own" the pictures. It almost feels violating that we don't have ownership of our own pictures, but then again, I am still engaging in the use of those platforms. With NFTs, you can gain royalties from the NFT you have. I think this is a cool aspect because you can support other artists and get part of the royalty for supporting them. Quinn Button discussed a project with Coach that she worked on with NFTs. With this, if you owned a Coach NFT, then you could get a free customized Coach handbag. To me, this is so so cool. I absolutely love Coach purses, and this is appealing to me! I didn't know that NFTs could venture into the fashion industry. With the discussion of RFIDs, I think these are another cool aspect. They are kind of like chips that can go into a physical product and you can track the ownership through the RFID. This would make it harder for people to steal things from people because the ownership is being tracked and is set and stone. What I think is interesting is that people who have memberships to the NFT, only they have access to obtain the benefits from that specific NFT. After listening to this video, I think that many companies in the future will do more with NFTs and encourage their consumers to engage in them as well. Overall, I am impressed by what NFTs can do, but my mind is definitely blown.
