What Are NFTs? Understanding The Digital Craze
You may have heard of NFTs, and wondered what they are. Or maybe you know what they are, but want a little bit more information. Either way, you have come to the right place.
NFT is the abbreviation of Non-Fungible Tokens. To break down that definition let’s look at the word. Fungible refers to items or goods that are replaceable by another identical item or are simply mutually interchangeable. This can be seen with assets like money, where one dollar can be traded for one dollar. Now, NFTs are non fungible, meaning it is not mutually interchangeable. The reason being that each asset, or NFT, is completely unique and for that reason can not just be traded for another. This unique feature of NFTs is the main selling point, providing users with a unique asset that is unlike any other, which is also the reason why these kinds of assets are affected by off-market prices. The validation of these assets are stored on a blockchain, a digital ledger of sorts, ensuring you are undeniably the owner.
There are no limits to what NFTs can present as, some are images, others are game characters, some are even just good tweets. NFTs are proving to be an asset to every industry, some of the most notable types of NFTs are:
- Collectible items
- Video game items
- Virtual fashion
- Virtual land
- Influencer content
But the possibilities of NFTs are endless, you can turn anything into an NFT and give or get 100% ownership to it confirmed by Blockchain technology.
The History Of NFTs
The first “NFT” was created by Kevin McCoy and Anil Dash in May 2014, it was called Quantum. The NFT was a video clip made by McCoy’s wife, Jennifer. The video was registered on the Namecoin blockchain and bought for roughly $4. Not the most thrilling start, but the start of something so exciting.
The NFT project that really took off and shocked the world would come in 2017, called CryptoKitties, built on the Ethereum Blockchain. The functionality of the CryptoKitties and their “game” allowed players to adopt, raise, breed, and trade virtual cats. The game shocked the world because it became so popular that it congested the Ethereum Network, and payments took up to 3 days to be confirmed.
The most expensive NFT to date was created by digital artist Mike Winklemann, under the name of Beeple. The NFT is titled “Everydays — The First 5000 Days”, and it was sold for $69.3 million in 2021. The artwork is a collection of 5,000 images made one per day between 2007 to 2020.
The Next Step: $Elite NFT
The future of Blockchain technology is here and $Elite is ready to make its mark. Using the power of NFTs, but adding functionality, $Elite is set to create an NFT environment unlike any other. Through the use of telco, social media, and Blockchain, we will be taking the next step. $Elite will be working with some of the most influential people on social media to bring you exclusive content through the use of NFTs. Users will be able to purchase celebrity content in the form of NFTs, thus enabling the owners to make a profit out of the interactions between the content and the community. NFT content will be available as collectibles, masterclasses, videos, photos, meet and greets, and so much more. Users will be able to sell their exclusive content to other users for a profit, creating an inclusive and effective ecosystem.
Through the purchase of NFTs, you monetize the emotional connection between fans and athletes, actors, musicians, and other influencers on the social network; this experience engages both the individual user and the entire community.
Join $Elite and we work to empower influencers, users, and investors by taking advantage of telco, social media, and Blockchain. Learn more about us: