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Non-Fungible Tokens (NFTs): 201 REGIONS ASSET MANAGEMENT As demonstrated in the graphs above, the NFT market is characterized by extreme volatility. The weekly selling transaction volume for the NFT market peaked at $176 million in the second week of May 2021. By mid-June, the number had fallen to about $10.4 million, a drop of over 95% from the market's peak in May. As of July 15, 2021, the sales volume has increased from June to hover at $47.5 million, signifying a 356% monthly gain. According to several investment professionals, the recent crypto crash was a key reason for the NFT meltdown. With the majority of NFT purchases being in cryptocurrencies, a decline in the value of crypto means a natural decline in the NFT buying power. Yet another explanation is that the recent NFT boom was accompanied by a rush of mainstream personalities and inexperienced speculators in search of quick gains rather than genuine faith in the technology. This is best explained by the ancient theory of the greater fool, which claims that people can profit by purchasing overvalued assets in the hope of selling them to a bigger fool who is prepared to pay even more. Whatever the case maybe, the market volatility has instilled a tremendous degree of anxiety, fear, and uncertainty among both present and new users in the NFT space. One of the most contentious points being made about NFT is that purchasing an NFT does not offer "ownership" in a conventional sense. The value lies in generating an artificial scarcity that originates inside the network. One may think it is a one-of-a-kind signature before it is linked to the chain. However, altering a single pixel or even a single piece of metadata in the digital asset will change the resultant hash. Thus, as previously mentioned, opportunistic artists may create multiple hashes and tokens of the same digital asset as multiple NFTs to maximize earnings. The fact remains that there is currently no simple technique to guarantee that the work has been previously hashed or tokenized. The token's object, like as a jpeg, can be freely copied, viewed, and distributed. As a result, paying astronomical prices for non-exclusive digital assets is futile when virtually anyone with internet access can get the same work for free elsewhere. So, what determines the value of an NFT in the first place? Perhaps, the value of an NFT is determined by how much money people are willing to spend on “uniqueness” of the asset. Among other factors, the value might be influenced by the creator's and the NFT's qualities. Since NFTs do not support any conventional valuation techniques used to value private firms or traditional investments such as stocks and options, we currently lack a precise method for valuing NFTs. It is also important to remember that NFTs exist on the internet before they exist on the blockchain. As a result, the issues that affect the internet are guaranteed to reoccur with NFTs. For instance, traditional URLs are quite inconvenient for NFTs. NFTs employ links to take users to another location where the digital asset is stored. These links can and do die, as anybody who has ever surfed the internet knows. The domain owner may either reroute the URL to somewhere else or simply fail to pay their hosting costs, and the entire asset dissipates. Many NFTs have turned to the InterPlanetary File System (IPFS) to resolve this challenge. Rather than identifying a single file in a certain domain, IPFS addresses allow users to locate a piece of material as long as it is hosted somewhere on the IPFS network. However, there are weaknesses in IPFS. "Check My NFT", a platform that provides asset storage ratings, has been searching within NFTs to verify if IPFS addresses function, and they have discovered files that just won't load in some circumstances. The problem of origination in other crypto spaces follows NFT as well. Any digital asset that is placed on the blockchain as a token can be transformed to an NFT. Anyone can claim a digital photo or artwork as their own by adding a token to it, even if they did not produce it. Because the NFT method does not need copyright ownership, it is ripe for market fraud. There is almost no way to ensure that someone else does not reproduce the file. To prevent copyright-related fraud, an ideal solution would be to authenticate the original creator of the work. NFTs are equally vulnerable to hacking, just like other crypto instruments such as Decentralized Autonomous Organizations (DAOs). Owners may open their wallets one day to discover that the smart code has been misplaced or just disappeared. Some NFT standards are more robust in terms of retaining NFT integrity, but the threat of hacking still persists. In March 2021, there were several reports of Nifty Gateway account breaches, with hackers stealing thousands of dollars in NFTsVI. The lack of a centralized authority and the irreversible nature of the blockchain ledger add fuel to the fire by making every transaction that passes through the blockchain permanent, including theft. The economics of the Covid-19 crisis, especially the enormous amount of stimulus money printed to prop up economies, had a significant influence in determining the era in which NFTs gained prominence. Some believe that there is enormous amount of financial capital sloshing around in the economy in contrast to what can be produced and consumed, giving rise to unnecessary market volatility. This begs the question of whether NFTs are simply a deployment of surplus money to experiment with the market, or whether they truly 3PDF Image | Non-Fungible Tokens (NFTs) 201
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