Why do people pay millions of dollars for NFT? It seems that many people still don't understand what NFT is. Some people think it is a work of art, others think it is an extreme environmental hazard. We have seen many simplistic explanations as well as too complex explanations. So we think we can intervene, in layman's words. You will constantly hear the phrase, "Non replaceable token (NFT)". This makes you wonder why crypto people can't just speak English. But all alternative means are "interchangeable". The two apples are interchangeable, which means that their parts and values are equal. Similarly, Bitcoin is an alternative token. Each looks the same and has the same value.

Replaceable and irreplaceable

Imagine you have ten pence. All replaceable. Now cut one into a star. This is now irreplaceable. It cannot be interchanged with others. That's NFT. This is not art; This is not what it stands for. Basically, it is the only token assigned to the thing you choose. Think of it as an ID number or sticker you put on your laptop.

Can NFT be replicated?

Since we know that the concept of NFT refers to two independent entities, tokens and the objects to which tokens are assigned, we can correctly answer this question. First, no, NFT tokens cannot be copied. Imagine you have ten pence and ten other people have ten pence. You all carved one on the same star. This more accurately represents the NFT of the blockchain.

We are all looking at the same star penny. If we don't change other people's pennies, none of us can change it. If I cut off one of my roles without the consent of others, my changes will be rejected, and the consensus on what a star is will remain unchanged. NFT cannot be attacked, copied or destroyed by hackers, not because the code is very complex, but because you must attack everyone's computer at the same time. Anyway, 51%. That's a different conversation.

People want to be original

On the other hand, digital art attached to NFT may be copied in screenshots. But also, a fake Mona Lisa won't have the same price, and a screenshot of an art work without NFT to prove its authenticity won't be worth much. Why is the perfect fake of Mona Lisa almost worthless? It looks the same, doesn't it?

The answer is who knows? Art is art. People want the original. That's the way it is. NFT certifies that this is an original copy.

Is the NFT market a foam?

This is a good question. The answer is a little yes, but most of them are no. If you observe the situation from the outside, you may see only high-value novelty, which may or may not maintain its price in the future. Although I do believe that many overpriced works will soon depreciate, we cannot forget the stubborn nature of the art world. There may be a crash, but not very extreme.

However, NFT's works are far more valuable than works of art. Crypto kittens turn digital cats into non food cats that can be raised, traded and even bred. This is a very interesting way to use technology, leading the application of NFT in games, namely collections. The liberated God is a trade card game, which completely reintroduces the magic of collecting and trading cards. These cards are unique, even with their history.

The value of NFT goes beyond art

Further, Splyt uses eNFT (e=e-commerce) to represent real assets that will be used in a new type of market. The inventory of all stores will be updated automatically, and every purchase and sale can be tracked. You can even sell their eNFT without talking to others. They pay, you pay.

When we find out how widely NFT can be used, there will be many other uses. After all, they finally solved the problems of scarcity, uniqueness and indestructibility in the number. They almost reproduce these true qualities better than before. Now most of our lives are online. This technology is absolutely critical.