What Are NFTs Used For?

Blockchain technology and NFTs afford artists and content creators a singular chance to legalize their wares. for instance, artists not have to be compelled to place confidence in galleries or auction homes to sell their art. Instead, the creator will sell it on to the patron as associate degree NFT, that conjointly lets them keep additional of the profits. additionally, artists will program in royalties therefore they’ll receive a share of sales whenever their art is sold-out to a brand new owner. this can be a lovely feature as artists usually don't receive future payoff when their art is 1st sold-out.

Art isn’t the sole thanks to create cash with NFTs. Brands like Charmin and Taco Bell have auctioned off themed NFT art to boost funds for charity. Charmin dubbed its giving “NFTP” (non-fungible rest room paper), and Taco Bell’s NFT art sold-out call at minutes, with the best bids returning in at one.5 wrapped ether (WETH)—equal to $3,723.83 at time of writing.

Nyan Cat, a 2011-era GIF of a cat with a pop-tart body, sold-out for nearly $600,000 in Feb. And NBA high Shot generated over $500 million in sales as lately March. one LeBron James highlight NFT fetched over $200,000.

Even celebrities like Snoop Dogg and Lindsay deity ar jumping on the NFT bandwagon, cathartic distinctive reminiscences, design and moments as securitized NFTs.