NFTs 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. But digital art is only one way to use NFTs. Really they can be used to represent ownership of any unique asset, like a deed for an item in the digital or physical realm.
Well What Is NFT or you can say Non- Fungible Tokens. Is this is the question taht arise in your mind inthe moment.
A soft and simple defination may be made about it -
A digital-only artwork has sold at Christie's auction house for an eye-watering $69m (£50m) - but the winning bidder will not receive a sculpture, painting etc.
It represents ownership of unique items such as Paintaing of certain artits and uqnique sclupture.
Where Bitcoin was hailed as the digital answer to currency, NFTs are now being touted as the digital answer to collectables.
But there are plenty of sceptics who think it is all a bubble that is going to burst.
These are Actually the Marketplace For the Artists. The Artist sell their products in the Crytpo market in teh NFT market place.
As everybody already knows by now, NFT stands for Non-Fungible Tokens and, from a market perspective, very simply put, because there is really no reason to complicate things further, if you set something apart and it retains a proportional value of the something left, then it is fungible. Otherwise, you broke it, my friend, it was non-fungible.
As currently defined, NFTs have the following properties, as mentioned in the Non-Fungible Token Bible.
1.Standardization
2.Interoperability
3.Tradeability
4.Liquidity
5.Immutability
In economics, a fungible asset is something with units that can be readily interchanged - like money.
With money, you can swap a £10 note for two £5 notes and it will have the same valu
However, if something is non-fungible, this is impossible - it means it has unique properties so it cannot be interchanged with something els
It could be a house, or a painting such as the Mona Lisa, which is one of a kind. You can take a photo of the painting or buy a print but there will only ever be the one original painting
So you can Understand about the NFT now.
NFTs are "one-of-a-kind" assets in the digital world that can be bought and sold like any other piece of property, but they have no tangible form of their own.
NFTs can also contain smart contracts that may give the artist, for example, a cut of any future sale of the token.
In general, any product where provenance is a key component of its value may be a viable candidate to enter the market as a non-fungible token. These types of products usually have to be backed by certificates and the sites that sell them act as auditors and guarantors of the veracity of the item. But, hey, that's what the blockchain with its immaculate transparency is for.