NFTs: The Latest Bride Of Cryptocurrency

image

Unless you live under a rock, it's no news that attention has shifted from the typical currencies to non-fungible tokens-NFT. Unlike the usual, NFTs can't be exchanged like we would Btc or POSI, each piece is unique and can't be swapped as easily. They are collectible digital asset that can be created by anyone including you! NFTs has been able to gather the crypto world to it's tables especially since lots of previously valueless digital art suddenly started selling for millions of dollars. While a lot of people have jumped on this train due to FOMO some have stuck to their gun because they believe it is a phase that would come and go. Well this article isn't gonna argue about that but help you understand NFTs and how they can benefit you!

Non fungible tokens are digital assets that can take the form of art or culture depending on the creator. They are part of the Ethereum Blockchain and contain extra information which makes them unique. This extra information allows them take any form from videos, art , tweets or even music all depending on the creator or who is selling. Picture them as priceless pieces of art hung on digital space just like other art forms are hung in galleries and museums. Major examples are The Beeple work of art which was sold for over $69 million and the Famous first Jack Dorseys tweet which went for $2.9 million. I am sure by now you are wondering why you haven't invested in this market earlier, well you are not alone because very few people knew about NFTs.

NFTs contrary to many peoples opinion have been around since the mid 2010s but only got the popularity due to demand and of course their incredible prices. These days popular artists, fashion brands , athletes and even everyone that understands how NFTs work are creating their own NFTs or collecting NFTs with the hope of selling it for mouthwatering prices in the future. It is important to understand that NFTs are not cryptocurrencies but simply share the same technology (Blockchain) with cryptocurrencies. Being on the blockchain allows creators to protect their creations easily without worrying about being stolen or duplicated.

When you buy any NFT you are actually buying the digital recording of ownership of that token which is then transferred to your digital wallet and stored on the blockchain. While this token belongs to you, copyrights still belong to the original owner or creator who can move on to create similar copies of that NFT or other entirely unique and different pieces. There are so many platforms to buy NFTs from these days but you have to create a wallet with them and fill it with cryptocurrencies usually Ethereum to buy. These platforms include Nifty Gateway, SuperRare, NFT showroom, Rarible, VIV3, OpenSea, Bakery Swap, Axie Marketplace and many others. With prices ranging from $1 to even $20 million dollars all depending on the demand and popularity of the NFT.

As a newbie it is always important that you carry out enough research and stick to reliable NFT trading platforms so you are not scammed into buying fake or worthless NFT pieces.