NFT stands for non-fungible token, that means anything that is irreplaceable. For example, Red Fort. one cannot replace Red fort with something else Because it is a unique and one-of-a-kind asset. Crypto Punks, Crypto Kitties, NBA Top Shot, Nyan Cat GIF etc, are on trending in the NFT crypto market.
NFT is a way to sell artwork using blockchain. But it does not work like a Bitcoin. Bitcoin is fungible token, i.e. one can replace a bitcoin with another bitcoin.
NFT is like the registration of ownership of a digital object on a Ethereum blockchain, a digital ledger that records all transactions from the time they were created to the time they last exchanged. It is a new method of buying and selling art and other media in a digital mode.
In recent weeks, some NFTs (non-fungible tokens) have sold for hundreds of thousands of dollars. One such trade has taken place between Beeple and Vignesh Sundaresan. The deal is worth more than $69 million at an auction.
Beeple, an American digital artist, sold his digital collage having 5000 pictures, titled “Everydays: The First 5,000 Days” to the Indian origin, Vignesh Sundaresan.
Another such trade with NFT is Twitter co-founder, JackDorsey’s first-ever tweet. It received the bid worth $2.5 million when it went for sale.
Chris Torres sold an animated Gif of Nyan Cat for $561,000. Now he is about to launch an event called “Memeconomy” to sell his other memes “Keyboard cat” and “Bad Luck Brian” via auction with NFT(Non-fungible Token).
Want to know more about NFTs (Non Fungible Tokens)?
Let’s watch :
0:27 – NFTs That Have Been Sold
0:59 – What is NFT?
1:56 – Offline Vs Online Auction (NFT)
3:47 – How NFT works?
4:42 – Is NFT in Bubble?
5:40 – Platforms to buy and sell NFTs
6:29 – Pros and Cons of NFTs
8:53 – Is it a good investment tool?
9:41 – What will be the future of NFT?
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