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Explaining demand for NFTs, a personal anecdote

Why people want (and need) NFTs

When my friend and now business teammate Nicky told me about the idea of an NFT as a way to sell digital art, I told him he was absolutely insane. Me being the archaic iPhone 6 owner that I am, the idea of crypto art was so foreign to me. I voiced my opinion to Nicky that these art tokens would have no demand; after all they are just pictures or GIFs sitting on my computer screen. I was amazed when I started to look at some of the prices that these NFTs were going for. $400,000 for a picture of a Jordan 1? Crazy. Who would buy that?

I then realized who would buy that. The same person who would buy a physical, deadstock Jordan 1, might buy the digitized version of the shoe as well. The even cooler thing about the digital Jordan 1 is that it is one-of-a-kind. It has an authentication code attached that makes it unique to any other digital art piece on the market. This owner can now show the art off to his/her friends, and proudly say that he/she is the sole owner of the piece.

You might be asking, who the hell would buy an NFT to show off? You can’t even touch it! Some might agree with you, but as our world becomes more digitally socialized, more functions of our lives are beginning their rapid ascent to the cloud. People are finding dates online, sharing memories online, selling stocks online, you name it. Why not buy and sell unique art and music online?