What are or NFTs? Why are they taking the digital art world by storm?

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NFTs or non-fungible tokens are currently taking the digital art and collectibles world by storm digital artists are seeing their lives change thanks to huge sales to a new crypto audience and celebrities are joining in as they spot a new opportunity to connect with fans.


 NFTs or non-fungible tokens are immutable digital tokens non-fungible means it's unique and can't be replaced with something else for example bitcoin is fungible you can trade one for another but not nfts where bitcoin was hailed as the digital answer to currencies nfts are now being touted as the digital answer to collectibles .nfts in the digital world can be bought and sold like any other piece of property they are not a tangible form of their own but their tokens can be thought of as certificates of ownership for virtual or physical assets. an image video game tweet can be turned into an nft and monetized nfts can be digital artworks virtual game accessories collector cards audio files etc ...


How Do NFTs Work?


nfts have some special properties each token minted has a unique identifier they're not exactly or directly interchangeable with other tokens one-on-one each token has an owner and this information is easily verifiable so if you own an nft you can easily prove you own it no one can manipulate it you can sell it and in some cases earn royalties or you can hold it forever in your wallet on ethereum

 content creators can sell their work anywhere and can access global market items that can be used in surprising ways for example you can use digital artwork as collateral in decentralized loan


 the market for nft surged to new highs in the second quarter with 2.5 billion dollar sales so far this year up from just about 13.7 million in the first half of 2020. currently, the buyers outnumber sellers as per data available and the sale prices are on a rise in some sectors

 a digital-only artwork has sold at christie's auction for an eye-watering 69 million dollars and the winning bidder will not receive a sculpture painting or even a print there have been high priced sales of mementos moments collection cards collectibles and tournament tickets and not just art a 1973 handwritten job application from apple co-founder steve jobs came up for action as nft coca-cola has created its first-ever nft collectibles to commemorate the international friendship day on 30th of July coca-cola is just one of the numerous notable brands experimenting with nfts this year taco bell was among the first ones to jump on the nft wagon when it released a limited series edition of taco nfts luxury brands like Dolce Gabbana have released their own high fashion nft collections as recently as this month among many others also.



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October 13, 2021 at 12:53 AM
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