What are NFT’S? The Million Dollar Tokens
NFT’S are unique digital tokens. It is the latest digital sensation after cryptocurrency. They are also attributed as digital answers to collectibles. NFT’s are very popular in gaming and artwork-related sales.
What Does NFT Mean?
NFT stands for Non- Fungible Tokens
Difference Between Fungible and Non-Fungible Assets:
Fungible assets are those which can be interchanged simply, like money, Bitcoins, etc. At the same time, Non-Fungible assets can not be transferred due to their unique identification.
Generally, NFT is a digital record of ownership. It is a file with a verified identity.
Things like artwork, paintings, music, videos, and other creative work are auctioned through NFT. NFT gives ownership rights to the before-mentioned items. You can sell these tokens at any time. NFT content can be reproduced and reused, but its sole owner remains the same. This means that you can download, NFT video and watch it without any restriction.
How NFT’s Work?
These digital tokens are part of the Ethereum blockchain. Blockchain of Ethereum cryptocurrency additionally supports these NFT’s. All cryptocurrencies can run their NFT’s through their blockchain.
Characteristics of NFT’s:
● NFT’s are indivisible
● You can’t destroy them because their digital record stored through smart contracts.
● It is verifiable through a digital ledger.
● These digital tokens can not be exchanged.
Difference between Cryptocurrency and NFT?
NFT and cryptocurrency both are part of blockchain technology. Cryptocurrency is Fungible, while NFT is non-Fungible.
You can exchange crypto coins, but you can not exchange or replace NFTs. A separate and specific token is issued against each item, which can not be replaced.
What is the worth of NFT’s:
These digital tokens are selling for millions of dollars. NFT’s are valuable whether you are an artist, buyer, or collector. Here are some of the latest examples of NFT sales and purchases.
● An animated Gif of Nyan Cat was sold for more than $ 500000.
● Musician Grimes sold several pieces of artwork in an auction securing around $6 Million worth.
● Jack Dorsey (Founder of Twitter) placed his first-ever tweet for sale, which gained bids of $2.5 M.
● Beeple’s NFT digital art secured $69 Million at Cristie’s auction.
Entrepreneurs and celebrities are pretty much engaged in this latest sensation. Elon Musk recently tweeted about his NFT song selling.
NFT’s have become the next big thing in the cryptocurrency crossover. NFT is a digital asset whose ownership can be listed on the blockchain — a digital ledger that records all the crypto owners’ ownership.
Can I Sell My Art or Products?
The answer to this question is an absolute yes. If you are an artist, musician, content creator, or celebrity, you can sell your artwork, music, videos, and moments at NFT marketplaces.
How to List Your NFT Art?
Listing of NFT items on the marketplaces is not free. You have to pay at least $100 for each listing of your art on the NFT marketplace.
Sites Selling NFT’s:
There are several platforms available to sell or buy NFT products. Here are some of the popular sites that list NFT items for sale/auction.
● OpenSea
● Rarible
Conclusion:
People are just gone crazy about NFTs.It has become the talk of the town. It is something believable after the cryptocurrency. If you are a talented and underrated artist NFTs can make you rich.
NFT marketplace is growing very fast. You can occupy your space in this new environment. There are many possibilities that NFT innovation will add value to future trade.
