Why are NFTs so popular?

Why are NFTs so popular?

by Santi & Ray

Non-fungible tokens, or better known as NFT’s, are crashing the market right now. Let’s figure out why. In the year 2012, the first official Non-fungible tokens or more commonly referred to as NFT’s were first made. These tokens are so valuable because they’re tokenized drawings. 

So what are the origins of NFTs? NFTs are tokenized drawings that stockholders can purchase for various prices typically ranging from $1-$900, and even sometimes being worth a lot more. However these drawings are specific, see for many years art has been around and has been purchased. Art has been considered a thing ever since the year 30,000 BP and has been part of the market for not too much shorter. However with the internet on the rise and duplicating drawings being more common and easy, certain drawings and pieces of art lose their value as replicas look the same and that most original art pieces are stored away in art museums. With the internet you can buy these NFTs and purchase the drawings and have ownership of them meaning you can sell and purchase. However with all this being said we take a dive into why they all of a sudden have become popular despite art being existent for much longer.

With that being said we ask why are NFTs all of a sudden blowing up in popularity? The big reason why NFTs have blown up so suddenly is because of 2 things with the first being “CryptoKitties” and the second being human natural collecting instinct. So firstly what’re CryptoKitties? Originally CryptoKitties started out as a Canadian developed video game where you would earn money and buy kitties. However as time went on they then made the feature to spend real time money and make actual investments from within the game to buy these kittens at fluctuating prices.

 This was such a hit that they then created their own market called Ethereum’s underlying blockchain network. This was such a hit that other digital artists decided they would make their own drawings and sell them on the market in mid 2021 which then led to NFTs blowing up in popularity and popularity to the point where it is at now. Now the second reason I pointed out is human natural collecting instinct. Research has shown that humans have a natural instinct to buy more than they need for example, sneaker heads won’t own only 1 pair of shoes, and designer fashion models won’t have only 1 of 2 outfits, they’ll have multiple ones making them feel the urge and instinct to own more than they need.

 Another psychological comparison is food. Typically we (humans) only eat 3 meals a day and have a small meal throughout varying parts of the day, however when we make purchases we try to get as much as we need until we’re satisfied with the amount. The only difference is once you’ve eaten your food you have none left meaning you need to go back whereas wearing a pair of shoes once won’t take its toll on them.

In conclusion, NFTs have blown up in the past year or so for many different reasons. These can include having the feeling of owning something expensive, popularity, and even just collecting something and having ownership of it. With more and more people on the internet every single day, NFTs will continue to contribute to our daily spending and what we do on the internet with our money.

New Frontier or another failure: Bitclout

by Tanush

Cryptocurrency has finally expanded into social media- and I’m not talking about crypto Twitter. Bitclout is the fresh new child of the crypto market, and it aims to combine the two things millennials love the most; social media and cryptocurrency.

Bitclout was released less than a month ago as a social media platform by anonymous blockchain users. According to its statement with Hypebeast last week, it allows users to “speculate on people and posts with real money, and it’s built from the ground up as its own custom blockchain”. Users are able to establish accounts to post images, share stories in a similar fashion to Twitter, a clear inspiration for the platform. Each account acts as its own NFT, and can be treated as its own coin. From there, other users can interact with the user and pay real money to invest in them, which boosts the price of the account. In essence, Bitclout commodifies your account into an NFT that you can profit from- depending on what you post.

Tony Wu, a pioneering junior investor notes the platform’s appeal. He suggests that his “early investments into people like Elon Musk have led to (him) making huge amounts of money”. He is currently in hold of several accounts that total to a portfolio worth over 10 thousand dollars. As the app is in its fledgling stages, early investment has seen massive returns due to the initial growth. The growth doesn’t appear to be slowing down either, as Diamondhand, the anonymous creator of Bitclout, reports legitimate foundations such as Jordan Belfort, Coinbase and Social Capital are backing Bitclout- adding to its own legitimacy as a platform.

But it isn’t all sunshine and rainbows for the newfound NFT. For one, Bitclout has created accounts for the top 15,000 users on Twitter, and commodifies their identities without their consent. Brandon Curtis, a victim of the auto-account system has filed a lawsuit against the platform for using his name and identity without his consent. Many also rallied arms on Twitter to point this out. Furthermore, it is unclear what power monetizing social media holds. As user prequelmemes on Bitclout points out, the capacity for “cancel culture” is heightened as money can be weaponized in a far worse manner than words. Techcrunch also points out that while investment may be easy, cashing out is not.

So, should you opt into Bitclout? Jordan Belfort was right when he said the answer is yes. If you have a decent knowledge of diverse investment and blockchain, then I would highly recommend creating an account and getting started. The site gives you an initial amount of coins, which is more than enough to get you started and grow- especially if you ride the early bird wave. If you feel comfortable enough to spend some money, then maybe dish out a little bit and practice investment through Bitclout.

Ultimately, the site is an enticing new twist on social media and investment, and should be watched by anyone interested in cryptocurrency. With a few hiccups regarding user information, it is fair to say that there is risk- but growth likely means that the platform will iron out its issues as times goes on. As for whether it’s a new frontier, only time- and money- will tell.


  • Dale, Brady, et al. “What Is BitClout? The Social Media Experiment Sparking Controversy on Twitter.” CoinDesk, 24 Mar. 2021, www.coindesk.com/what-is-bitclout-the-social-media-experiment-stoking-controversy-on-twitter.
  • Matney, Lucas. “Crypto Social Network BitClout Arrives with a Bevy of High-Profile Investors – and Skeptics.” TechCrunch, TechCrunch, 23 Mar. 2021, techcrunch.com/2021/03/22/crypto-social-network-bitclout-arrives-with-a-bevy-of-high-profile-investors-and-skeptics/.
  • Perper, Rosie. “BitClout Is the New Crypto Social Network That Lets You Bet on People’s Reputations.” HYPEBEAST, HYPEBEAST, 2 Apr. 2021, hypebeast.com/2021/4/what-is-bitclout-crypto-social-network-buy-trade-creator-coins.