NFTs have enjoyed considerable press and attention this year, overtaking DeFi as the hottest trend in crypto. However, with the explosive levels of growth within the sector, NFTs naturally invited skepticism from within crypto and from outside. When a single piece of digital artwork sells for $69 million via Christie’s, it’s easy to see why mainstream publications brand the market ‘crazy’. In regards to the wholly speculative side of the market, they may even be right.
Although, it may be that much of the criticism of non-fungible tokens comes from people whose minds are steeped in the old-fashioned paradigm of centralization and inability to comprehend true digital ownership. When you really start to think about decentralization and how decentralized technology works, NFTs make a lot more sense.
Decentralization is concerned with ways to accomplish what was previously handled by intermediaries — everything from Bitcoin, to smart contracts, to DeFi, attests to this. NFTs make possible with decentralization what was