“What are NFTs?,” you ask. Many of us have been asking that! Basically, NFT means Non-Fungible Tokens! That doesn’t help much, does it? Tokens we can understand; as they are related to cryptocurrency; non-fungible means they cannot replaced or interchanged because of their unique properties. Moreover, no one can replicate them. Incidentally, people can replace other cryptocurrencies.
Incidentally, NFTs are digital assets. The producers of games, art and music connected those to their given values. The Real Estate business is able to use them. Their main use right now is for digital content. The NBA has some that contain videos of important moments! Consequently, you can see some of Michael Jordan’s best shots! NFTs are a secure place to hold collectibles; proof of ownership. NFTs are unique; and thus, very secure. By the way, if anyone tries to copy an NFT, he would immediately be recognized as a crook! Definitely good protection.
History
Kevin McKoy created the first NFT in 2014; and put it a blockchain. Eventually, he sold it in 2021. Multiple NFTs can be in one transaction to reduce cost. All this is according to the ERC-721 (Ethereum Request for Comment #721) standards. NFTYs are carefully constructed. Therefore, ownership can be transferred and transactions confirmed securely.
By the way, in 2021, Beeple, made a collage of his digital art. Beepie sold it for $69 billion! It was a collage of his first 5000 days of work! There are probably even larger transactions since. Maybe we should all take up digital art?? Buyers love the art collections. Are you curious about using NFTs in the Art and Music Industries? See this site. What is NFT Art?
NFTs – How do They Work?
Thery use a process called “minting” to create NFTs. Next, they put the NFTs on a blockchain. When the information is completely on the NFT blockchain, they close the block. Each block is given an “identifier.” Moreover, each NFT is unique and cannot be replaced by another. Incidentally, that’s where the term, “non-fungible” comes in. Therefore, authenticity is guaranteed; because, each NFT is so unique.
Perhaps one of the most famous uses of NFTs was created in 2017 and called “cryptokitties!” Artists created digital representations of unique kitties. By the way, they have a huge fanbase who pay to care for them! Incidentally, there are no litter boxes of which I’m aware!
Incidentally, photographers “tokenize” their work and then offer ownership to others. In addition to that, lots of sports celebrities are using NFTs. Musicians use tokens to grant rights to customers. Consequently, these are very efficient in the market, as long as folks know what they’re doing. By the way, I still need to study these more; I’m definitely not ready to get into the market.
Moreover, you can use NFTs like stocks; investing is popular. Fortunately, transactions are extremely secure. Incidentally, more than one person can own a NFT and divide property. By the way, this is true in the case of expensive artwork. Consequently, they share the ownership.
Purchasing NFTs
By the way, there are various sites where you can purchase NFTs but you must first have a digital wallet; then you’re ready to go. They are very safe and only the owner can open them. Moreover, if you Google NFTs, you will find more information on this technology. Incidentally, OpenSea is the largest marketplace for NFTs.
I hope this is helpful; there is definitely a lot to understand about this technology. Moreover, there are many uses for this. Consequently, we can expect to see NFTs more and more. My advice: KEEP LEARNING; it’s a good thing to stay on top of new things! There are exciting developments almost daily! By the way, if you feel overwhelmed, you’re not alone. Therefore, take only one bite at a time! Like eating an elephant!
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