Non-Fungible Token or commonly known as NFT is booming right now. Still, many people are unaware or confused about it. To put it simply, NFT is an online possession or ownership of a one-of-its-kind item that can’t be copied or multiplied as the name suggests, “Non-Fungible.” NFT can be a meme, tweet, piece of art, GIF, video, etc. Here are some amazing 11 Facts You Should Know About NFT:
NFTs are providing artists a new and unique way to sell their arts like never before, provided that every NFT is unique. Artists are bringing their A-Game to create unique art to get paid a huge sum by NFT collectors. NFTs auctions are taking place by well-known brands to secure and promote their products. Many artists believe that online museums are the way to go. And as traditional art in a museum, NFT will take its place during virtual auctions.
NFTs market grew by more than 18,000% in the last 12 months with $2.5 billion in sales. Keeping the number in mind, NFTs provide a lucrative investment opportunity. A single NFT by CryptoPunk #5822 was sold for $23.7 Million in February 2022.
During the Covid-19, NBA Launched Top shot, which included the highlights in NFT form. It helped them survive during the lockdown as it generated millions of dollars in sales.
Being said that, all NFTs are not expensive. Most of them are pretty affordable.
Anyone can create an NFT, and the process is very simple. Create an art, video, GIF, Emoji, or anything you expect that people can like and list on the NFT trading site. Some popular NFT marketplaces are Open Sea, Nifty Gateway & Non Fungible.
There is a major chance of getting scammed when buying traditional art, as many available arts are fake or replicas. But when it comes to NFTs, there is no way you are getting a fake one, as an established chain backs each NFT with the help of a blockchain ledger.
In today’s day and age, internet meme culture is never-ending. We are bombarded by new memes every other week. And with the boom in the NFT market, meme ownership is worth more than you think. For investors, owning a meme means buying a part of history in meme culture.
Many people are unaware that the CEO of Twitter and NFT enthusiast, Jack Dorsey, sold the first tweet posted on the social media platform for $2.9 Million in March 2021. It indicates that internet history fractions are worth much more than one could ever have imagined. Jack later Donated all the funds to a charity.
Yes, Virtual Lands exist, and you can buy or sell one in NFT space. Collectors invest huge amounts of money in virtual lands, making it a huge market for NFTs. Virtual World works similarly to a real one. Like you can buy a piece of land, make your virtual house on it with all the accessories, and sell it later, as it is your property now. The metaverse is still relatively new to NFTs. Still, it is booming rapidly, given that while using metaverse, you will need your Digital land to perform any activity of your own so that NFTs will play a key role in the future of metaverse.
NFT uses blockchain, and with each transaction, the original artist or owner of NFT gets a percentage, normally between 5% — 10%, as royalty, which is highly unlikely in traditional art. Once sold, the owner gets all the money at once. It is one of the reasons that artists are moving over to the NFT market.
Even though people are now using different blockchain tokens to buy, sell or create an NFT. Ethereum remains the most popular way to use in the NFT world, as it supports NFTs while selling or bidding in online auctions by using the proof of stake technique. Ethereum remains the safest and most secure in the blockchain industry, making It ideal for NFT transactions. Smart Contracts are programs stored on a blockchain, so any potential NFT like a tweet, assets, arts, or meme needs to be linked with Smart contracts to provide ownership proof.
The main feature of storing an NFT on a blockchain is that it cannot be destroyed, copied, or removed because with each blockchain comes proof of ownership that can not be tinkered with.
Many people thought its trend would fall at the start of the NFT boom, but NFTs selling and purchasing are skyrocketing with time. With many well-known fashion brands, video games, & sports industry stepping into this market, it states that NFT is here to stay.
NFT opened a new market for digital art enthusiasts, and it is easier than ever to access. Keeping in view that many well-known brands are jumping into the NFT realm, it assures that NFTs are not going anywhere soon, they are here to stay, and their marketplaces are more active than ever. If you are an artist, aspiring to be one, or a collector, it’s the best time to invest in or create and sell NFTs.
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