Digital collectibles — NFT — has gained a lot of popularity lately. A video clip created by Beeple was sold for $6.6 million. Grimes, a musician, sold her crypto art for $5.8 million. Chris Torres, the creator of the famous Nyan Cat, sold a one-of-a-kind version of his viral GIF for 300 ethereum or around $500,000.
So what is NFT?
It stands for non-fungible token. I know it’s not enough. Let me tell you more.
Non-fungible means it is unique and can not be replaced by anything else. It is a type of digital asset. You must have heard about block-chain, right? So the ownership of these digital assets is store on blockchain. owning an NFT means owning a single unique artwork of an artist. We can say it is a decentralized digital ledger technology.
The code represents the NFT. When someone transfers an NFT to someone else, the code also gets transfer to that person on the block-chain. So one can check any time who owns the NFT. So it is very easy and simple to identify the owner.
What are the uses of NFT?
The Crypto industry is still trying to find out the best use cases of the NFT.
Let me give you an example of one of the uses of NFT. We all can have printouts of a painting of an artist, while there is only one original painting. Similarly, in the digital verse, there can be many copies of art, but the ownership lies with the person who owns that token, and this is the aspect, which caught everyone’s attention recently.
In the next blog…
- How to create NFT?
- Should you buy NFT and how?
- More about NFT…
I will be talking about all these NFT things and so much more in the next upcoming blogs. Stay tuned. I hope you got the basic idea about the NFT. Let me know if you have any questions in the comment section below.
Originally published at https://www.helinaik.com on March 8, 2021.
