What is NFT?
You must have pinned your ears back about NFT blockchains or something related to that.
Jack Dorsey is selling his first tweet and people are selling their digital painting art through NFT.
Yes, Here I am talking about NFT, not any FD you do in banking transactions. NFT is a new concept in the digital world, so most people don’t know much about it.
Let’s understand what NFT is. This is like a super strange thing happening in the digital world. Jack Dorsey, the CEO of Twitter, sold his first autographed tweet for $2,915,835.47. Not just that, Nyan Cat, a decade-old GIF sold for $600,000. Moreover a digital artist Beeple sold a collage of images for a massive amount of $69.3 million. Non Fungible tokens are digital content interrelated with blockchain, supporting digital files by cryptocurrencies such as Bitcoin and Ethereum.
What you need to know about Non Fungible Tokens
As Bitcoin is an implementation of the blockchain, in the same way, NFT is another implementation of the Blockchain. It’s a digital asset where you can sell art, music, videos, and unique or one-of-a-kind things. In simple words, NFT transform digital artworks into one of a kind certifiable asset that can be easily traded on the blockchain.
The art inside the digital world of crypto-collectibles-
Digital artworks which are unique and also sometimes described as digital trading cards are known as crypto art. These digital artworks include-
- Images
- Videos
- GIFs
- Art piece
- Virtual avatars
- Video games
- Music
Crypto art is available in limited quantities and can be sell or trade as physical goods. In the form of NFTs celebrities and well-known personalities are selling their digital works by listing them for digital auction for getting higher values.
NFT brought a revolution in the digital world. NFT uses the same blockchain technology that fortifies cryptocurrencies like bitcoin to track the ownership, therefore it is quite trustworthy. Also, it maintains rights of possession, so no one can change the data in the future, and later it can be a sale or purchase on special marketplaces like OpenSea, SuperRare, Foundation, Rarible, and Myth Market.
Besides that, there are some NFT trading risks you must know about before diving deep into the NFT marketplace!
There is no support in the NFT market. It can go 0–100 but zero support in the future. We can take the example of Crypto Punk that was sold around $700,000 but we see the history, it was sold only twice. First for $3000 and later sold for about $761,889. So, if the market gets down, you don’t have a chance to get out of your possession. There is all or nothing. Also, no law in the world can save you, if you are ripped off through NFTs. Also before purchasing any NFT, it is better to do some research on whether the person who minted NFT is the actual owner of the NFT asset or not, if so you might be in a big problem.
NFTs are somewhere like digital Pokémon cards, moreover like playing cards. Once you understand how they change and how to invest, you will get to know about playing them. NFTs are changing the technique of investing in the internet economy.
Follow us on Twitter
https://twitter.com/EpikNFT
Join EpikNFT community on Telegram
https://t.me/epiknft
Follow us on Instagram
https://www.instagram.com/epiknft
Follow us on Facebook
https://www.facebook.com/epiknft
