NFTs
What are NFTs & Why are they gaining such massive popularity?
Non-Fungible Tokens have become wildly popular among investors as the latest crypto craze takes the digital art world by storm
Headlines in the digital media have been dominated with the news of a non-fungible token (NFT) by the digital artist Beeple sold at an astonishingly high price at renowned auction house Christie’s. The JPEG is a mosaic of every image that artist Mike Winkelmann, who goes by the name Beeple, has made since 2013. Dubbed as ‘Everydays — The First 5000 Days’ (pictured above), it fetched $69.3 million, far eclipsing anything that has been bought in the industry.
Another example of an NFT that is being talked about recently is by Twitter’s CEO, Jack Dorsey, who is selling the NFT of his first tweet published on the platform 15 years ago. Dorsey posted a link to the auction, hosted by a platform called Valuables — the topmost offer stands at $2.5 million. He has promised to convert whatever funds he received into Bitcoin.
Let’s get back to some basics for people who have little knowledge about the new phenomenon. The easiest way to understand NFT is to consider it as a file format, just like jpeg, png, or gif. NFTs are a file format that transfers data and…
