- According to Yat Siu, Animoca Brands CEO and co-founder, NFTs are not just a way to make money. They are a way how to store culture digitally.
- Data has become an important part of this world, and as a result, NFTs gained huge importance. It’s recommended to buy NFTs with the intention to learn and store data rather than focus on profiteering.
If there was a way how to explain NFTs to a kid, it is probably safe to say NFTs are a new way for society to store culture, said Yat Siu, Animoca Brands CEO and co-founder. He urges people to examine NFTs and how they can store the culture instead of just looking for a way to profit from them.
NFTs – The New Way
With technologies rising, there are new ways how everything works. Meme culture is a real thing and people can now own them if they want. If you want to own a certain meme, you can buy it as an NFT if it is available. For example, these NFT memes sold for $100,000 and $650,000 per piece. This is basically a way to store culture digitally and possibly even profit from it.
In an interview with Cointelegraph, Siu argued that while the technology underpinning NFTs may be new, the desire to “store culture” has long been with us throughout human history. “We describe NFTs as stores of culture because they embody a moment in history,” he said, adding, “What is art? Art stores culture.”
“Most paintings in the world aren’t worth a ton, but like owning culture, the vast majority of people who buy art today or photography don’t intend to sell it right away. That’s not how we engage with culture.”
Siu recommends beginners to buy NFTs to learn, not to make a profit. That’s how you can have a clean mindset and focus on quality NFTs. “What’s interesting about this ownership that we’re able to create is that it doesn’t come from a sort of scarcity that you can dig up from the ground,” he added.
“Data has become the source of absolute power.”
NFTs offer a new perspective for everyone who has an open mindset. It’s not just another way how to buy an asset, sell it at a higher price later and profit. It’s more than that. It should be viewed as a way to store value. Data has become the most valuable commodity in the world, so storing and hodling your NFTs may really payout in the future.
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sources: cointelegraph, investing
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.