Oct 6, 2021

2 min read

All You Need To Know About NFTs

A new talk has hit our streets, and it’s not going away soon! NFT happens to be the new talk of the town. Famous radio and TV stations, even influential people like Gary Vee and Mark Cuban, have made several mentions of it. Lindsay Lohan, a pop icon, could not hold her excitement, commending how NFTs actually give real owners rights over their artworks. She forecasted that cryptocurrency, NFTs, and blockchain in general, are the future of entertainment.

Although NFTs appear to be profitable to many people, some others think it’s a bubble. Renowned figures like David Gerard and Charles Allsopp have been the major critics.

What are NFTs?

NFTs, non fungible tokens, can be anything, ranging from photos, videos, audio and different types of digital files. The distinguishing characteristic of all kinds of NFT is that they can be verified to be true on the blockchain. That is, over a decentralized ledger system, anyone can verify the true ownership of any artwork related to an NFT.

1. Unique nature: Non-fungible tokens have a distinct feature that serves as evidence to determine the true owner of any digital art which has dealt with piracy to a certain extent.

2.NFTs can be monetized: An important aspect of NFTs worthy of note is their ability to provide opportunities for artists to earn from their creativity. They are able to put their art on display in NFT marketplaces like Diagon and others.

3. A variety of values: Unlike other cryptocurrencies like Bitcoin and Ethereum that are fungible (easily exchanged with something of the same value), NFTs are different, because no two NFTs are equal.

4.NFTs can neither be split or broken into pieces.

How much can NFTs be sold for?

It was stated earlier that art owners can tokenize their work and put it up for sale.

Here are a few examples of the price at which certain NFTs have been sold in the past:

A meme made in 2011 of a flying pop-tart cat was sold for more than $500,000.

After some weeks, a musician called Grimes sold some of her artwork for more than $6m.

Also, the founder of Twitter, Jack Dorsey, advertised an NFT of the first tweet with the highest bid being $2.5m.

NFTs are generally expanding at a fast rate, and their importance in the crypto space can not be overlooked.

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