Non-Fungible Token (NFT) – Is It really the future of art?

What is NFT?

A non-fungible token (NFT) is a digital asset that is not interchangeable with other tokens of the same type. NFTs are unique, and each one has different characteristics.

NFTs are often used to represent digital collectables, such as in-game items or digital art. They can also be used to store unique data, such as medical records or identification information.

Non-fungible tokens are created on blockchain platforms, such as Ethereum, and are registered on a public ledger. They can be traded on decentralized exchanges or used to purchase goods and services.

NFTs have been controversial, as some people believe they could be used for illegal activities, such as money laundering. However, NFTs have also been used for legitimate purposes, such as funding projects or storing digital assets.

The use of NFTs is expanding rapidly, and there is still much to learn about them. As the technology develops, we may see more widespread use of NFTs in the future.

Non-fungible token & Digital art

If you are an Internet surfer or news follower you might have heard about NFTs at least a single time in recent times. The news that blew the mind of everyone was these NFTs being sold as high as $69.3 million yes! That’s an amount of a JPEG as an NFT makes people around the world go wow. Let’s have a look at what actually these NFTs are, well NFT stands for “non-fungible tokens” which are nothing but just unique pieces or simply units of data that are stored in a blockchain.

Why are they called Non-fungible tokens? It’s because they can not be replaced or substituted by any other similar item, which simply makes them exclusive and unique. Just to make it easier to understand let’s take an example suppose an artist looks to sell his/her art on the internet, he/she will have to convert it into NFT and then can sell it on the internet. People will be able to buy this digital art converted into NFTs by using their cryptocurrency.

What makes this trading unique is that this digital art which is now NFTs will make sure the buyer is the official owner. Now the owner can sell it to anyone at a higher price. This means there could only be one official owner at a time for the NFT. These tokens are built and managed on blockchains a digital system used by bitcoin and other cryptocurrencies to keep track of transactions and ownership of these NFTs. These blockchains tell us everything about the NFT who created it who linked it to the blockchain and who was the buyer of that NFT and who has owned it in the past until now all that information is maintained by these blockchains.

NFTs can be anything digital like music drawing art and video highlights, but the current excitement is all about selling digital art by using tech. There are many platforms available on the internet for selling and buying NFTs but the one which tops the list and is valued at over $13 billion US dollars is Open Sea. Well, some say these NFTs are overhyped and it’s like a bubble that will burst in the near future warning people, but some say it’s the future of digital art and trading it for money well only the time will tell how it goes.

Read more

Related posts