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April 25, 2022

NFT Deep Dive: Why pay millions for a simple JPG that anyone can just download?

Welcome to the cryptohunt jam where we spend one minute a day to explain crypto. In plain english.

If you are new to the world of NFTs, you have likely asked yourself: Why does anyone even pay for something they don’t physically own? And why even pay at all, when anyone can just download the same JPG for free and look at it all they want?

Welcome to the strange new world of NFTs which we'll cover in more depth in this week's mini series.

There are of course the obvious reasons to pay for an NFT that we touched upon before, like investment speculation and wanting to support artists. But there is more to it, and to understand that we have to look at a shift away from physical to digital ownership.

While previous generations wanted to own houses, cars, and boats, the younger tech-natives tend to care less about those. Instead, they live their social life increasingly online, and status symbols are moving there too. 

Owning an NFT in itself is what creates the pleasure, and the ability to share it with the world is a big bonus. An expensive cryptopunk NFT for example makes for the perfect bragging rights on Twitter. It's like owning your own Picasso, but instead of hiding it in a vault, you can safely and proudly show it to the entire world.

And that's what matters to a new generation, many of whom have made very good money in the crypto market. Showing off ownership is important, exclusive access is not. And with that much crypto money floating around, you can see how NFTs have filled that void.

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