NFT“Non-Fungible Token” is a digital asset that represents real-world objects such as art, music, in-game items, and videos. They are often traded with cryptocurrency and are encoded on the same underlying blockchain network as most cryptos.
Each NFT has built-in authentication that serves the person it was purchased for, and this ownership makes the NFT unique.
NFT was first created in 2013 and CryptoPunks And CryptoKitties It began to attract social media attention in late 2017, thanks to the development of platforms called.
The first Twitter post made into an NFT and offered for sale by former Twitter CEO Jack Dorsey contributed to the growth of the NFT world.
How does NFT work?
Because NFTs are extremely secure Ethereum It is held by the blockchain and cannot be separated from the blockchain. Therefore, no one can change the ownership record or attempt to duplicate the existing NFT.
Because information on the Internet can be copied digital artworks has been a subject of debate for a long time. But NFTs help artists protect their copyright by securing ownership of each digital production.
More and more artists have entered the NFT world every day. Many in the market NFT type Although available, these categories are most in demand on sales platforms:
- Event tickets
- Music and media
- virtual items
- real world entities
- Domain names
How to create and sell NFT?
One making NFTs The process is surprisingly simple. crypto industry Even if they are not experts, people can sell their own digital art in a few steps.
To start creating the NFT, you first need to connect the crypto wallet to the NFT marketplace where you want to list the art. Once set up, download the digital art directly from the marketplace.NFT creation You should go to the “section”. In this section, the marketplace algorithm will automatically process the works and make them ready for sale.
sell NFTs To ensure that the crypto wallet is connected to the selected market. But almost all platforms require a certain amount to accept the offer and transfer the asset. gas fee It is worth noting that you will receive (commission). Therefore, the price determined must at least cover these costs, otherwise money may even be lost.
How to buy NFT?
buy NFT It is also relatively easy. Once you create an account and deposit money, you can browse through countless collections to find the right digital artifact.
OpenSea, objkt.com, Rarible Most NFT marketplaces, such as , operate in an auction format, meaning it is necessary to submit a bid for the NFT you wish to purchase.
Most Expensive NFTs
sold to date most expensive NFTs and the 8 most profitable digital arts of the internet world were as follows:
- Everydays: the First 5000 Days: $69.3 million
- CryptoPunk #7523: $11.8 million
- CryptoPunk #7804: $7.6 million
- CryptoPunk #3100: $7.51 million
- Crossroad: $6.66 million
- Ocean Front: $6 million
- CryptoPunk #5217: $5.44 million
- World Wide Web source code: $5.43 million
Is there copyright in the NFT market?
Since NFTs are tokens with verifiable data and a transaction log, every user has the right to read the history of any digital asset they want. Additionally, the unique structure of the blockchain provides extra security to all NFTs, making it nearly impossible for the artworks to be altered or copied.
Is NFT a fraud game?
Users are always in debate about the true value of NFTs. While some believe that this is a new investment for the internet, others claim that it is a bubble waiting to burst.
However the world’s largest NFT market The transaction volume of OpenSea on August 29, 2021 showed how much the NFT world has grown. While more than 322 million dollars were traded in just one day, on September 8, 2021, the daily transaction volume dropped to approximately 84 million dollars.