I am writing reviews for sites that interface with the HIVE blockchain. Today I decided to look at NFT Showroom. The acronym NFT stands for Non Fungible Token.
A fungible token is a token where all items have the same value. A non-fungible token is a token where each token represents a unique thing. Programmers realized that they might be able to digital art as NFTs.
A typical NFT set up would include an online art gallery. Artists would upload their creation. The system would take a hash of the digital file that would be traded on the blockchain. The art patrons who acquired the NFT would receive the digital file and the hash.
Apparently, the first NFT was sold in 2014. NFT galleries began showing up on the etherium blockchain in 2015.
NFTShowRoom is an NFT gallery designed specifically to interface with the HIVE blockchain. The domain was registered in November 2018. The gallery went live in 2020. The showroom reports to have sold 8,524 NFTs for 387,185 HIVE.
Some think that the NFT market reached its zenith in early 2021 as NFT sales have tanked in the last few months.
I have extremely limited funds. I've purchased several bargain basement NFTs on my personal account. While I love being able to buy art directly from artists. I think the NFT process suffers the fatal flaw that their is no compelling reason for the public at large to repurchase the NFTs from speculators.
Like it or not, cryptocurrency is driven by speculators. The NFT market needs a way for speculators to make money for the market to thrive.
It is fun to buy NFTs from artists. I think NFTs make fun greeting-card style gifts. The market as it stands is not tenable. But the market is new and is likely to find a way to survive. I would not recommend NFTs as an investment; so my review is not positive.
For the review, I gifted the NFT below which has the title "Pig Monkey" from @yintercept to @irivers an NFT . If I understand the relation between HIVE and NFTshowroom, it is permissible to show portions of NFT pictures on HIVE.
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