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SIX THINGS TO KNOW ABOUT NFTs (non-fungible tokens).

The rapid explosion of NFT out of ether, is undeniably causing waves in the industry of digital trading. Here, we shared some interesting things you need to know about non-fungible tokens (NFT).

 

-WHAT IS NFT?

     NFT (non-fungible token) is a digital asset, a unit of data stored on a digital ledger called a blockchain, that certifies a digital asset to be unique and therefore not interchangeable. NFT as a digital asset can represent real-world items such as photos,videos,audio and other types of digital files; with a license to use the asset for a specified purpose. NFTs can be traded and sold on the digital market, but unlike cryptocurrencies like bitcoins, NFTs are not mutually interchangeable, so not fungible.

     Although they’ve been around since 2014, NFTs are becoming renowned now because it’s an increasingly popular way to buy and sell digital artworks. A staggering $174 million has been spent on NFTs since November 2017. Nevertheless NFT market value tripled in 2020, reaching more than $250 million. NFTs are off to an even hotter start in 2021.

 

-IS NFT SAME WITH CRYPTOCURRENCY?

     The abbreviation NFT is non-fungible token. It’s built using the same kind of programming as cryptocurrency, like bitcoin or Ethereum, but that’s where the similarities end. Visible money and cryptocurrencies are “fungible” meaning there can be trade-offs for another. NFTs are different, each has a digital trademark that makes it completely impossible for NFTs to be exchanged for or equal to another (hence,non-fungible).

 

-HOW DOES AN NFT WORK?

   Understand that an NFT is created or coined from digital objects that represent both touchable and untouchable items including: art, videos, collectibles, video games skins, music, films.

   Tweet counts as well. Twitter co -founder Jack Dorsey sold his first ever tweet as an NFT for $2.9million. NFT are digital only. So, instead of receiving an actual painting to be placed or hung on the wall, the buyers get a digital file instead. The person also gets exclusive ownership rights and can have one owner at a time.

 

-WHAT’S THE USE OF NFTs TO CREATORS?

     NFTs enables artists and content creators an opportunity to monetize their wares. For example, artists no longer have to rely on galleries or auction houses to sell off their art. Instead,the artist can sell it directly to consumers as an NFT, which allows them to keep more of the profits.

The digital artwork entitled “Everyday’s-The first 5000 Days”, by artist Mike Winkelmann, also known as Beeple, sold for US$69.3million in 2021, the purchase resulted in the third-highest auction price done for a living artist, after Jeff Koons and David Hockney.

 

-HOW TO PURCHASE NFTs?

   Looking forward to having an NFT collection to yourself, you need to acquire some key items:

     First, you will have to create or get a digital wallet that enables you to store NFTs and cryptocurrencies. You will need to purchase some cryptocurrency, like Ether, however it totally depends on the exact currencies your NFT provider accepts.

 

-SHOULD YOU BUY NFTs?

    Investing in NFTs is totally a personal decision, considering if you have money to spare, it may be worth investing into. But keep in mind that NFTs value is dependent on what someone is willing to pay for it. Demand will drive the price rather than fundamental, technical or economic indicators, which influence stock prices. In general,an NFT may resale for less than you paid for.

 

 With all that said, invest in NFTs just like you would any investment; making sure to do your research to understand the risk involved. If upon knowing all there is and you’re ready to invest, proceed fighting-fit with full amount of alertness.

 

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