Someone Actually paid $6.6 million for this NFT
My reaction after seeing the ridiculous prices paid for a digital art was unbelievable.
Well NFTs are Non-Fungible Tokens meaning they are unique and special. You can’t have more than one type of the NFT. For instance, you can exchange 1 bitcoin for another 1 bitcoin. There is no difference. Everyone has bitcoin, no one has a unique bitcoin. That means bitcoin is fungible. This digital tokens could represent anything, from your art, to music, to videos and all. They are mostly bought and sold online.
This NFT was bought for $6.6million
Because of how unique they are , and having unique digital codes they create digital scarcity making it very expensive.
But people can access these NFTs anytime on the internet why so expensive?
This Gucci Ghost was bought for $3,600
Well for a start, the original NFT usually have a unique very digital signature just like your baseball collectible cards. This signature enable this NFT unable to be exchanged to another. And as the owner of the unique NFT you have a bragging right on the NFT. This is because you own the original content and this is what collectors value most, they value bragging right almost more than the item itself.
Image by Logan Paul was sold for $17,000
Does that make sense to you now?
Below are some NFTs and the amount they were bought.
Lotus Train was sold for $14,000
This image of a cat was sold for $170k
I would love to know where they are and if there are buyers, haha! I have been trying to mint some arts in the nft showroom, but with no success in selling anything so far.
I wish I know the link for you to sell your art. When I get more information about it I’ll let you know
Congratulations @readthisplease! You have completed the following achievement on the Hive blockchain and have been rewarded with new badge(s) :
Your next target is to reach 200 comments.
Your next payout target is 250 HP.
The unit is Hive Power equivalent because your rewards can be split into HP and HBD
You can view your badges on your board and compare yourself to others in the Ranking
If you no longer want to receive notifications, reply to this comment with the word
STOPCheck out the last post from @hivebuzz:
Damn it!
The NFT market is really crazy.
That’s exactly how I felt.
https://twitter.com/readthisplease6/status/1410356849413660679
The rewards earned on this comment will go directly to the person sharing the post on Twitter as long as they are registered with @poshtoken.
How do I register and link my account please. What am trying is not working
please can you enlighten me more on this NFTs can anyone create them and how i will be really glad if u can give helpful tips on this
I will make a post about it next. Watch out for it. Thanks for reading
thanks so much buddy for the fact that u responded fast and well u have my heart already as a big fan of ur contents
also ill like to learn more from u if u dont mind
thanks
I’m grateful for the appreciation. You are welcome to learn.
gracia mucho. i look forward to the next post bout the NTFs
Hey champ, I have made the post. You can look it up with the link below.
https://leofinance.io/@readthisplease
Sometimes, people who have the money to do so, spend a lot on art they appreciate because they want the artist to keep making more art. It is their job more often than not, after all. At other times, it has to do with money laundry - art offers a big loophole for this.
Money laundering kinda explains the outrageous price. Appreciating the artist, well fair enough. I just feel this money can be used to do something that worth more or rather something worthwhile that can add value to other people’s life.
Waste of money...😷
Exactly what I thought tho, but some people think otherwise. I believe in appreciating art but these prices are outrageous
Yeah, I also appreciate art. Art is a great creativity but some people play gambling with art.