Cointelegraph.comNFT

NFT hype will calm, but the concept won’t disappear, MEW founder speculates

Nonfungible tokens are all the rage right now, but how long will the fanfare last?
Nonfungible tokens, or NFTs, have gained significant traction in the crypto space in recent months, with some tokens selling for millions of dollars. Even though the current excitement over NFTs will eventually simmer down, the concept will live on, according to the CEO and founder of MyEtherWallet, Kosala Hemachandra. “NFT is currently a hot topic, but I’m sure the hype around it will soon die down,” Hemachandra told Cointelegraph. “Similarly, ERC-20-based tokens were a hot topic in 2017 because of ICOs, now it’s not news to anyone, as people use those tokens daily.”All non-fungible tokens are provably unique, and therefore distinct in value. They can not be interchanged one-for-one with another asset of their kind, because each NFT contains verifiably distinct characteristics. These differences affect each token’s rarity (and sometimes their utility within an ecosystem), even if they appear to be superficially similar at first glance.“The value of an NFT is purely based on how much a person who is interested in it is willing to pay,” Hemachandra said, adding:“If someone is really interested in an NFT sold in 2021, I’m sure that person will pay any amount to buy it in 2030. That’s why we cannot say that 2017 cryptokitties aren’t valuable now. I’m pretty sure even now some people’d love to get hold of some of those unique items for a higher price if the current …
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