NFTs: a passing fad or here to stay?

NFTs symbolise a cultural shift towards a creator-economy and represent your rights to something. An explanation for ‘non-fungible’ can be likened to painting a picture that would not be the same as a picture someone else might paint since the two differ from a rights’ perspective. Yes, you can take a screenshot and copy it, but the digital signature that says “it's mine” cannot be copied. Powerful, because digital ownership is a fundamental concept in this new metaverse-driven world.

‘Atomic swaps’ (a Peer2 Peer transaction) can present a challenge since they make the traditional centralised markets and exchanges redundant because, by using digital assets, we can trade Peer2Peer. An owner of a digital asset (NFT) can bypass traditional exchanges and, in effect, deal direct. For example, you send me a text: “Can I buy your digital painting if I send you 2 Ethereum tokens?”. You transfer the NFT in question (using a blockchain) to my nominated digital wallet whilst, in return, I transfe…