The blockchain boom is no longer a surprise, but the question is, what swarming the market right now that might impact the future marketplaces? And this is where NFTs or non-fungible tokens have started to make a big difference.
What Exactly are NFTs?
Non-fungible tokens are essentially digital assets that can represent many intangible and tangible assets. Right now, the focus of NFTs revolves around digital sneakers, online real estate, and sports cards. At its core, NFTs are non-interoperable, verifiable, indestructible, and indivisible ownership of data.
How Does NFTs Function
Unlike famous cryptocurrency like Bitcoin, Ethereum supports NFTs. In fact, NFTs is an essential component of Ethereum. The accumulation of additional information tends to make NFTs work differently than ETH coin.
What Makes NFTs So Important?
NFTs continue to revolutionize collectible items and gaming space. In the last three years, total spending on NFTs amount to $174 million. It is no wonder other blockchain cryptocurrencies now want to roll out their separate NFTs versions.
How and Where You Can Buy NFTs
You can buy NFTs on various online platforms, but a lot depends on “what” you want to buy. For instance, if you want to purchase baseball cards, you can head to the “digital trading cards” site. However, you can look for other marketplaces that sell generalized items.
Before you buy ownership of an asset, make sure to get a wallet suitable to the platform. In short, just make sure to fill your wallet with a standard cryptocurrency. Currently, there is a high demand for various kinds of NFTs.
But batches of items come into the spotlight in drops or batches. It makes buyers even more eager to register and top the wallet with preferred cryptocurrency beforehand. You can check sites such as OpenSea, Foundation, VIV3, Rarible, Axie Marketplace, BakerySwap, and Nifty Gateway that sell NFTs.
What’s the Biggest NFT Sale So Far?
Recently, Christie’s Auction house managed to sell the highest NFTs to date. The transaction was up to $69 million in terms of Ethereum tokens. But first 5000 Days is one of the NFTs that are selling at record-breaking amounts. Other artists are also using NFTs to release verifiable and authentic digital artwork.
The Bright Future of NFTs
Consequently, it would make asset ownership more secure and transparent. Furthermore, NFTS has an excellent potential to serve as real estate deeds, business ownership, and vehicle titles. You may want to view NFTs through the lens of cryptocurrency investment, but it is a different form of exchange.
You can use NFTs to sell digital collectibles and art items. The intuitive new way to exchange collectible items can be about trading artwork or cards. There is a good chance you may be able to use NFTs to tokenize real assets in the foreseeable future.
REFERENCES:
- https://www.theverge.com/22310188/nft-explainer-what-is-blockchain-crypto-art-faq
- https://www.coindesk.com/what-are-nfts
- https://www.coindesk.com/how-to-create-buy-sell-nfts
- https://www.creativebloq.com/news/nft-artwork-auction-record
- https://www.bbc.com/news/technology-56371912
- https://medium.com/@nic__carter/why-nfts-are-hard-to-explain-48f0ab0a35bf
- https://www.cnet.com/news/nfts-dont-make-sense-but-that-wont-stop-them/
- https://www.investopedia.com/non-fungible-tokens-nft-5115211