If you like Fortnite and NFTs and are holding out to make some dollar from the two things, you might be waiting a while…
NFTs – or, Non-Fungible Tokens, as they’re also known – have been making plenty of headlines in 2021. Tied to the blockchain, NFTs essentially let you own a unique piece of digital artwork (or any kind of asset). It could be a gif, a song, a guitar riff, a picture of a cat – whatever.
The point of NFTs is that these pieces of digital art are unique, so when you buy it and own the NFT, you alone are the sole owner. There may be legitimate copies, but these will be limited, and ownership will be tracked and controlled by the blockchain.
You can then hold on to the NFT, wait for the price to go up, if it ever does, and then, should the mood take you, sell it on for profit. Or, you can become a metaverse art collector and start building up a portfolio of NFTs.
That’s how NFTs work in a nutshell. The actual ins and outs of buying and selling NFTs are slightly more complex. In fact, if this is something you’re thinking of doing, you’d probably do well to take a quick online course all about buying and selling NFTs for profit.
How To Get Fortnite NFTs?
Given the massive popularity of Fortnite, as well as the fact it has many, many different types of customization options, you’d think Fortnite and NFTs would be a match made in heaven. In most respects, they are. But Fortnite’s CEO isn’t a fan of NFTs, so don’t expect any official Fortnite NFTs anytime soon.
When asked on Twitter about whether NFTs would be coming to the Fortnite ecosystem anytime soon, Epic Games’ founder, Tim Sweeney, said: “We aren’t touching NFTs as the whole field is currently tangled up with an intractable mix of scams, interesting decentralized tech foundations, and scams.”
Plus, Fortnite is already making billions of dollars a year from virtual objects sold within the Fortnite ecosystem. These items are not NFTs. But given how much revenue they drive for Epic Games, it is easy to see why the company is erring on the side of caution when it comes to NFTs.
Do People Actually Make Money With NFTs?
People have been making millions from pieces of artwork for hundreds of years. The reason? Anything that is created by a known artist, or a popular artist, is an original piece of work. It has intrinsic value because it is unique and created by someone well known. That’s why a Picasso painting is priceless and one done by the women down the street is worthless.
NFTs are essentially digital versions of this concept. There isn’t really any inherent value in them. But if they become popular, for whatever reason, they can generate value and this, in turn, can make you a lot of money. Case in point: digital artist Beeple sold a series of works for more than $3.5 million in total last year. NFTs are also often referred to as “crypto-artwork:”.
Deadmau5 has made and sold loads of NFTs, including digital pins, stickers, and other collectibles in 2021. And Deadmau5 is not alone, loads of celebrities are attempting to cash in on NFTs. And given just how much musicians have been screwed over by streaming sites like Spotify and Apple Music, this is a very good thing for the industry at large.
There are some drawbacks to crypto art — particularly when it comes to energy consumption. Like bitcoin, NFTs are powered by inefficient computer processes designed to validate data. Ethereum, which most crypto art platforms rely on, is much more efficient than bitcoin, but even its creator has called the system “a huge waste of resources.” Ethereum is still in the process of whittling down its energy usage to a far tinier footprint.The Verge
One of the most well-known examples of crypto-art – or an NFT – is the Nyan Cat gif. This NFT was created by Chris Torres, the artist behind Nyan Cat, and for the NFT – of which there was only one made – Torres basically remastered the gif, making it look better and run smoother.
Torres made a killing from his Nyan Cat NFT too. And this is partly down to the fact that it was a unique, standalone piece of work. Plus, Nyan Cat was already really well known too.
Richard Goodwin has been working as a tech journalist for over 10 years. He is the editor and owner of KnowYourMobile.