NFT – The new type of Asset!
So with the block chain world constantly evolving, there are new bits always popping up and its almost impossible for a layman to keep it up with probably one of the important developments of our lifetime. So what is NFT??
For starters, NFT is Non Fungible Token i.e. token that is unique and can’t be replaced with something else. Therefore if you have a cat, there is no other cat that is SAME as your cat, and therefore you can get a NFT done for the cat, and lo behold, you might be able to sell that for 1000’s of $$$. Wow, now you must be thinking this is easy, let’s do this and technically yes it should be, however it isn’t that easy.
First of all you should be able to create the art using the Ethereum block chain, which becomes the base for it to store all the information. Information like the name of the art, the owner, value etc. Therefore if you were to create an art of your cat, you’ll have to do that on the platform and currently trade on it. Currently there are no other platforms that are doing the NFT trade, at least the time of writing this, it isn’t.
So why people are all going crazy about NFT? The answer lies in the peoples belief that NFT’s are the future of Art collection and therefore if anyone wants to buy the Picasso or Van Gogh paintings, or let’s say M F Hussain, which are sold super expensive, someone can create a digital right over those paintings and sell it online. So the physical copy may still be with someone, the digital one could be sold all over the world using the block chain technology. It is therefore not surprising that someone paid almost $390,000 for a 50-second video by Grimes or the person who paid $6.6 million for a video by Beeple.
As a buyer of NFT you are able to post the image online or set it as your profile picture. Plus, there are bragging rights that you own the art, with a block chain entry to back it up which ofcos is very cool. Therefore if you are true believer of block chain and art and then NFT is a must buy for you.
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