NFT’s And Everything You Should Know About Them
An NFT stands for non-fungible token. “They’re digital assets that reflect real-world stuff like art, music, in-game goods, and clips.”
In economics, a fungible asset is something that has easily interchangeable units, such as money. A 200 note can be exchanged for two 100 notes, and the value remains the same. This is impossible if anything is non-fungible, which means it has unique characteristics that prevent it from being interchanged with something else.
In the digital world, NFTs are “one-of-a-kind” assets that may be purchased and sold like any other piece of property, but they have no physical presence. The digital tokens serve as certificates of ownership for virtual assets.
But,
How do they work?
Traditional works of art such as paintings are valuable because they are one of a kind.
However, digital files can be freely copied without causing any issues.
Artwork can be “tokenised” with NFTs to generate a digital certificate of ownership that can be purchased and sold. Just like crypto-currency, A record of who owns what is kept on a shared ledger known as the blockchain. The records cannot be forged because the ledger is maintained by thousands of computers around the world.
NFTs can also contain smart contracts that may give the artist, for example, a cut of any future sale of the token.
You might think what’s stopping people from copying digital art?
Well, Nothing!
Millions of people have seen Beeple’s art, it’s the one in the below Image that sold for $69m, and the image has been copied and shared countless times.
Digital Arts sold for Millions of $$$
$69 million digital collage by artist Beeple’s — Digital artist Mike Winklemann created a series of drawings and photographs called The First 5000 Days. He is known as Beeple, began this project on May 1, 2007, and has been releasing a new drawing every day for the past 14 and a half years. In March 2021, Beeple made waves when he sold an NFT of a digital collage of his project for a startling $69 million.
$6 million digital art by Grimes — Grimes, whose real name is Claire Boucher, is a musician and artist, announced the auction on Twitter a day before it began. In a high-profile endorsement of the desire for “non-fungible tokens,” she sold a collection of digital artworks for about $6 million. At the auction, dubbed WarNymph Collection Vol 1, a total of ten artworks created in conjunction with Grimes’ brother Mac Boucher were sold. Earth and Mars, two short video artworks, were made available as large editions at a fixed price of $7,500 (£5,400), and each sold roughly 300 copies in the 48 hours they were on sale. Others, such as a video work titled Death of the Old, were sold as one-of-a-kinds to the highest bidder, with the price approaching $400,000 after a bidding war between four bidders.
$2.9 million tweet NFT — The first tweet by Twitter creator Jack Dorsey has been sold for $2.9 million (£2.1 million) to a Malaysian businessman. Mr Dorsey auctioned off the tweet, which wrote “just putting up my twttr,” for charity on March 21, 2006. Sina Estavi, a Malaysian customer, compared the purchase to purchasing a Mona Lisa artwork. The tweet was purchased with ether, a cryptocurrency that competes with bitcoin.
$500,000 Meme sold as NFT — Chris Torres designed the strange flying space cat with a Pop-Tart body, which was uploaded on YouTube in 2011. Torres created a one-of-a-kind remastered version to commemorate the viral GIF’s tenth anniversary, which just sold for 300 Ether which is around $500,000 on the crypto art site.
Domino’s gets into NFTs with latest Noid promotion — In March, Taco Bell began selling non-fungible tokens (NFTs) that were connected to animated gifs of tacos for $1 each. They were sold out in less than 30 minutes. Now, Domino’s is jumping on the blockchain bandwagon, promoting a similar gimmick — or rather, its recently resurrected 1980s and 1990s mascot is promoting it. Yes, the Noid has returned in the form of a Blockchain Bro. If you’re too young to remember the Noid, he was a villain who was trying to spoil pizzas for some reason. His schemes could only be foiled by Domino’s smart packaging and promise of quick delivery. The Noid’s NFTs will be auctioned on the NFT trading platform Rarible and will contain digital photos of a collection of his pizza-destroying gadgets called Noid’s Failed Tools.
SEGA Announces it Will Sell NFTs in 2021 — In conjunction with a double Jump Tokyo Co. Ltd., SEGA Co., Ltd. will begin selling NFT digital content using blockchain technology in the summer of 2021. SEGA is expected to release NFTs for important characters like Sonic the Hedgehog, Tails, Knuckles, and others, following the lead of historical game firms like Capcom and Street Fighter. Hopefully, these NFTs will be useful and open up a new universe of NFT games!
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