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Simple to understand NFTs

By Aravindhsamy | Metablog | 20 Nov 2021


You might be exhausted by reading several articles and watching videos about NFTs still you could not figure out what's exactly called NFT? How will it work? Where to buy it? Here's the answer for all your queries. 

NFT

Non Fungible Tokens (NFTs), simple words called digital assets. A digital asset can be anything like artwork, images, texts,  presentations, musics, gifs, videos and games which exists in blockchain. A block chain is a digital ledger responsible for recording each transactions in bitcoin or any other crypto currencies by means of blocks maintained across several computers in a peer to peer network which can't be manipulated or hacked.

In cryptocurrency, market will go with the trend. This year trend aligns with NFTs and common people like us wondering why people across the world spending millions of dollars in artwork that too exist in digital. Its quite weird right? Definitely not. Future is full of surprises and who knows it can excite us like in "Ready player One" movie. 

Why NFTs are unique?

Its name even shows "Non Fungible". Each artwork is unique which can't be copied, replaced, or subdivided that are recorded in a blockchain. It guarantees the authenticity and ownership of those NFTs.

Open sea is the world's first and largest marketplace where you can buy and sell NFTs. People across the world can see all NFTs but the buyer has the privilege of being the owner. 

According to JPMorgan, at present NFT market is worth more than 7 billion US dollars

CryptoPunk is a renowned NFT project that was launched by Larva labs. During their 'wash sales' one of their NFTs called CryptoPunk #9998 sold for $532 millions. 

Here's the picture of Cryptopunk #9998

Can you believe it? Yes this picture sold for $530 millions. 

Why a sudden spike in NFTs price? 

During lockdown people were forced to spend more time on Internet. It changed the way of people's spending on digital than the physical world. Even Travis scot's concert was attended by 12.3 million people in Fortnight (game). Its massive and paved the way for significant sales in digital world. Even people can buy a piece of land in digital world. 

Artists are the ones who can make huge income for their artwork. Its their era. Each time when a buyer buys a particular NFT that the original creator would get royalty. 

The youngest NFT artist 

Do you think creating NFT is not your zone? A 4 year old kid named Empress, NFT artist. Her NFTs collections are hot selling. There can't be a inspiring story for NFTs than her. 

Her twitter ID: EmpressArtistry

The major drawback for NFTs are none can regulate its market like crypto currencies and no guarantee for its price. Its price can be reduced when hype gets over. 

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Aravindhsamy
Aravindhsamy

I'm Aravindhsamy aka ASMY. Let's grow together in web 3.0


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