What are NFTs?

What are NFTs?


What are NFTs?

non-fungible tokens known as NFT, short for Non Fungible Tokens, are becoming more and more popular. 

What are NFTs?

It is a type of crypto asset that allows you to own a digital asset such as an artistic image, video, song, and other assets that you can purchase.

The NFTs have also reached some fashion designers, you can buy a shoe or a shirt but never wear it. 

NFTs are a crypto asset rather than a cryptocurrency, they are ether-based and Ethereum cryptocurrency is used for purchases.

By purchasing NFTs, you are purchasing a record of ownership of a digital asset that cannot be tampered with because it is documented through blockchain technology, the same technology that Bitcoin is built on.

However, when you buy a non-fungible NFT token, you will not become the primary owner of that thing, as there will be free copies of the same product you purchased, but all you will get as a perk is that you own the original copy of this thing. 

When you buy NFT you don't get the copyright, the copyright remains with the artist who designed that work who gets a commission when you resell the NFT.

TVN Market in 2021

NFT tokens are getting a lot of attention as the value of transactions in this industry quadrupled in 2020.

The NFT market continued to grow in 2021, as the NFT market size reached $500 million in the first quarter of the year, and continued to grow in the second quarter as well, registering $750 million, according to a  report published by NonFungible.  

In the second quarter, the NFT market saw an increase in the number of buyers of over 38% compared to the percentage of sellers which reached 25%

Most Popular Works Sold in the DTV Market 

In March, Twitter CEO Jack Dorsey announced that he was selling his first tweet, published in 2006, as a non-fungible NFT token for 1,630.58 ether, a cryptocurrency equivalent to around 2.9 million dollars.  dollars based on the sale price.

The buyer was Sina Istavi, CEO of Bridge Oracle. A collectible painting by American artist Mike Winkelman, known as the Beeple, was sold for $69.3 million at Christie's.

Fashion company Gucci has sold artwork from NFT, via auctions, and has previously sold clothes for an in-game avatar in Roblox

Recently, VISA bought CryptoPunk, one of the thousands of NFT-based digital tokens, for around $150,000 in Ethereum.

One of the most notable stories in the NFT market is that of a kid selling their first NFT set of 40 pixelated color avatars called Minecraft Yee Haa for 80 ethers in one day. 

 How do you Earn NFTs? 

There are two ways you can earn NFTs.The first is to earn by creating and selling content on one of the NFT platforms.

Second, buy a business in the NFT market, then sell it for a higher price and profit.

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