Think about this!
A Nyan Cat GIF sold for US$600,000 Ethereum. A 10-second art video sold for US$6.6 million. A snippet sold for US$200,000. These are digital assets that are accessible and downloadable on the internet. Why then do people pay this much for them? The answer is the fast-paced emergence of a type of digital asset called NFTs. Take a more profound thought! Do these items worth this much, or are we faced with another mainstream hype? This article will put some nails to the coffin of the many questions around NFTs.
What Are NFTs?
NFTs is an acronym that means Non-Fungible Tokens.
A fungible asset or item that is replaceable and recreate-able. Fungible assets have the same value. Also, they are interchangeable. For example, the British pound is synonymous with the US dollar. Although these currencies differ, they share the same value. One person can have more US dollars than another person. But each person has a similar monetary value in a different amount. A non-fungible asset is non-replaceable, non-recreate-able, and non-interchangeable. These assets are unique. For example, you can’t exchange a music album for another music album.
Non-Fungible Tokens (NFTs) are digital assets that cannot be replaced, divided, recreated, or interchanged. These assets are unique and independent. Non-Fungible Tokens is another fast-growing innovation in blockchain technology.
Read more: https://speedpaisa.com/is-nft-just-hype-or-is-it-here-to-stay/
