The cryptocurrency hype is big, it is a new trend of our digital era. And NFT that is also based on blockchain is becoming very popular. The NFT name stands for Non-Fungible Token and can be defined as a non-exchangeable, unique cryptographic token. A token is a digital certificate that is stored in a secured and distributed database. To put it simply, these digital items can be created wherever virtual goods are traded as unique items. There are no limits or rules set as to what counts as an NFT. But what NFT’s actually are, and what do you need to understand about them?
NFTs are for example digital artworks, songs, and other items. Especially in digital art, the NFT market is booming. So, when I buy an NFT, it is recorded on the blockchain. But the artwork can still be downloaded and distributed by others on the web. So, I don’t own a physical object after the purchase. NFT create something that has never existed on the Internet before. Through NFT, virtual goods become scarce in real terms and a real owner can be established. Thanks to the blockchain technology used, no forgeries can occur. Virtual art thus becomes a unique collector’s item.
So, are non-fungible tokens cryptocurrencies? No, NFTs are not cryptocurrencies because unlike cryptocurrencies, such as Bitcoin, NFTs are unique. Therefore, they don’t have certain values.
Thanks to blockchain technology, NFTs are also fairly unforgeable. The blockchain is stored on many computers in a network. Records are grouped in individual blocks. The information is encrypted and only one block has the key for the next block in the chain. You can read more about the blockchain here.
NFTs are great for those who want to invest, earn, or invest money are buying land, real estate, works of art, rare items, songs, shares, or, more recently, cryptocurrency. Creative minds came up with the idea of combining these valuable assets in the digital world with their own songs, books, or any other pieces of art.
In a very short time, NFTs have become billion-dollar investment properties. A piece of land for 150.000 euros, a work of art for 10 million dollars, or a cat for 5000 euros, such prices are quite common in today’s world and no longer even cause head shaking. However, it gets interesting, or crazy, as critics say when these sums are paid for objects that do not even exist in reality but are merely virtual. These digital assets, also known as NFTs, are currently experiencing a veritable flight of fancy, which no one can yet say how will end.
The areas of application of NFTs are almost endless: they could be stamps, trading cards, pictures, animations, music, and virtual properties. Even Elon Musk has also contributed to the NFTs hype. So, it’s no surprise that she has announced the sale of a techno song on the NFT platform.
The US basketball league NBA is considered a pioneer in the field of NFTs. On its Internet site Top Shots, fans can buy and trade highlights of games. After five months, 100,000 users have achieved a trading turnover of almost 250 million dollars. So, how about trading with NFTs? Or maybe you want to gamble in an NFT online casino as Cookie Casino Canada, but where you could use NFT? Then don’t wait and explore the world of NFT and its numerous opportunities! You should be a painter or musician to do it.