You just skipped a newsletter sign-up for crypto market news and trends. But it’s okay because cryptos are on their way to pop up on every platform that you venture. Consider payment systems, gaming, and even art online! The real estate business is booming like never before on a crypto-based platform. With all of this, you might have heard something called NFTs. Why is it so popular in the news today? Let’s dive into the basics and understand what’s the buzz about.
What are NFTs?
NFTs are non-fungible tokens. Who understands what even fungibility is! In simple terms, money that we owe in hand, online or digitized crypto coinsare fungible. Meaning the 200 rupees that you owe will hold the same value of 2 notes of 100 rupees or the 500 rupees that your friends owe will have the same value as the 500 rupees you owe. So now it’s clear that NFTs are something that can’t have two forms of any kind. They are unique and one of a kind. They include digital online arts, collectibles, or anything online that is unique. Today NFTS are sold for millions and millions of dime. What time to be alive!
And how are they related to blockchain?
CryptoKitties, an ethereum based video game brought a new era of gaming. It became a new “big thing”. Ahead of its time, this game started the buzz of cats as NFTs. In this game, digital cats are bought, bred, and sold for certain values. Breed your cat right because it’s literally dwelling in the ethereum blockchain!
How are sellers and investors benefiting from the NFT industry?
If you are an artist selling your art online, you are not only getting the price for the art piece but also are getting the probability or a chance for a price hike for the art you present. Moreover, every time the ownership of your art is transferred, you as an artist get 2 to 3% or as a decided fraction of the profit. If you are an investor, just putting it here straight. NFTs are the new popular explosion! Most definitely, the money made in NFTs has escalated in quite some time and investors’ interest has skyrocketed. NFTs are a whopping number today. You can try your luck and see where you land.
Anything is possible today! In the future, you can fill in your thoughts, ideas, creativity, and more in your own blockchain. (A very far-fetched ideology). Just type “cryptocoins” and you are open to a gigantic universe of investments and more! Moreover, blockchain can make any system faster, lucid, and honest. Imagine applying this to running a nation or even running a blockchain bank! Though it would be quite an irony of involving a bank as the basic idea of blockchain disallows trusted third parties like a bank. But a blockchain bank! Sounds like an exciting deal.