So, I’m back and sorry for break but I’ve been planning some things for website and that took some time, so I couldn’t write. Anyway, I’m here and let’s do this. I don’t know about you but on my Twitter, Instagram and Google pane, it’s filled with NFTs or Non-Fungible Tokens. So let’s discuss it.
What are NFTs?
Let’s put it this way, if I give you $10 and you give me two $5 bills, the value is same, just the mode is changed but if I give you the Mona Lisa, it may be worth $1 million for you or nothing, so the $10 are fungible and the Mona Lisa is non-fungible. NFTs works the same way except they are part of the crypto world.
You must’ve heard about Bitcoin, the $56k asset which India is still struggling with. The whole NFT market is based on on Ethereum, the second most valuable cryptocurrency at $4300. You go on a marketplace and buy it just like groceries from Amazon. It’s a jpeg that is transferred to your ethereum wallet and now you own it like any physical artwork.
You might ask, why can’t I take screenshot of it and own? Well, you can and cannot, can by yes, you can take a screenshot and make it your wallpaper but cannot because the who bought has a virtual signature of the artist, like a real painting would have so even if you do that, the real deal is still with person who paid for it. The blockchain verifies everytime it is sold and bought and if you’re not on that list then its fake. It would be really hard to make a exact replica of the Mona Lisa but it still wouldn’t be close to the real one.
What can be an NFT?
Anything! Your selfie at a concert or a virtual trading card. I’ve made some NFTs and they are up for grabs, I’ll leave the link below.
You might’ve heard this or not but the most expensive NFT ever to sell till date was sold at Christie’s auction for $69.3 million, it was made by Beeple(Stage name). If you think that’s a big number.
Many of the celebrities are also getting in on the action, like Eminem, Paris Hilton etc. while they are selling NFTs, Mark Cuban is backing the whole thing up. He’s actively promoting it, He even says that crypto and NFTs are the future.
Here are some NFT Marketplace:
And my these are my NFTs:
Now, if you liked any of this above, then like, share, subscribe, and follow and tell me your thoughts in the comments below.