NFTs in the blockchain

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Hi everybody! At a certain point, we all wondered what's all about those NFTs we can see in the blockchain. I was curious too at the beginning and I now want to share with you some basic information about NFTs.

What is a NFT?

NFT, as its name says, is a ''Non-Fungible Token''. That means it has a data unit stored on a blockchain that attests to the interchangeability and distinctive of a digital asset. The digital asset can be a multimedia file, such as images, videos, audio, etc.

How unique is a NFT?

Anyone can freely access copies of these digital objects, but NFTs are recorded on blockchains to provide the owner a proof of ownership that is distinct from copyright.

Why buying NFTs?

Though NFTs, like Real Estate, can be appreciated in value, they cannot be exchanged for another NFT. Money must have several properties, including being fungible (one unit is compatible with another) and divisible (can be divided into smaller units of value). NFTs are neither fungible nor (easily) divisible, allowing for the safe valuation, acquisition, and exchange of digital art.

Which is the most expensive NFT sold?

This one 👇
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Beeple, Everydays – The First 5000 Days NFT, 21,069 pixels x 21,069 pixels (316,939,910 bytes)

The NFT was sold to $69.3 on March 11, 2021 by the artist Beeple to Metakovan (Vignesh Sundaresan) on Ethereum Blockchain and being and first piece of purely NFT artwork to be given by a major auction house - Christie's (British)

What about the future of NFTs?

NFTs are now common among younger generations, but whether they will have the financial means to buy or use them in the future is a social and economic issue.

The potential of NFTs is yet to be discovered. It remains to be seen if major industry players in areas such as art, design, or fashion can embrace it. One thing is certain: NFTs allowed many digital artists to be categorized and priced, and the smart contract functionality of blockchain technology will be included in future asset valuations.

Consulted links:
NFTs
Most expensive NFTs
Why are people paying for NFTs



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