Everything You Need To Know About NFT
Blockchain is best known for Cryptocurrency and it is growing in popularity and adaptation. But that isn’t all to the blockchain, digital artwork which is also called “NFT — Non-fungible tokens” is the next new thing rising tremendously. These NFTs exist on blockchain technology that proves the ownership of the digital artwork. Many artists and celebrities are making profits by selling the ownership of the digital image.
In February 2020, Chris Tores had minted a GIF of the famous internet meme, which was sold for $470,000 worth Ethereum. Wherein, Grimes sold 10 digital images artwork worth $400,000. Grimes is also known for selling his digital artworks under 20 minutes for $6 million worth.
So what are NFT and the whole hype about it? In this blog, we are going to discuss Everything You Need To Know About NFT:
NFT — Non-fungible token is a digital item that states ownership of the person who purchases the digital artwork. Basically, NFT are like a collectible digital asset, a way to buy and sell digital artwork which holds value as a form of cryptocurrency and is based on blockchain. It is not mutually interchangeable, and due to its unique ID, it cannot be replicated, resulting in the scarcity and ownership of the artwork. NFTs exist on the blockchain; consequently, they are indestructible and can be traced back to the creator. However, unlike other crypto assets, they are not divisible.