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Everything you should know NFTs

NFTs have become extremely popular in the year 2021 and some of them are even sold for millions of USD. NFTs have taken the crypto space by storm, becoming a digital hub of art, music and video-game. Let's dig deep into the world of NFT and look at some of the top NFTs that were sold for millions.


What is a NFT ?

NFTs are a sort of digital collectibles that are authenticated using blockchain technology and purchased using cryptocurrencies, with the foremost popular choice being Ether. Variety of the foremost digital collectibles up to now have ranged from digital paintings and artworks, to the newest Kings of Leon album and sports merchandise. The NFT acts as virtual proof of ownership, with the worth being placed on the scarcity of that ownership.  NFT stands for non-fungible token – a digital token that's a kind of cryptocurrency, very similar to Bitcoin or Ethereum. But unlike a customary crypto coin within the blockchain, an NFT is exclusive and cannot be exchanged like-for-like (hence the name non-fungible). 

NFTs are bought online using some type of cryptocurrency like Ethereum. you won't have heard much about an NFT, but surely you'd have read the news about NFT like 2011's iconic Nyan cat gif was sold for $500,000 in February. Also Twitter CEO Jack Dorsey's first ever tweet was transformed into an NFT and sold for almost $2.9 million dollars in March.

Musicians like Grimes, Kings of Leon, Shawn Mendes, Disclosure and plenty of more sold their songs and artwork as NFTs in recent months.


Jack-Dorsey's tweet to be sold as NFT 


Importance of NFT

NFTs are allowing people to shop for and sell digital assets like never before. While cryptocurrency is used interchangeably, NFTs have unique identification codes stored on a blockchain that sets every one apart. Digital art, music, and even digital sports cards are all NFTs you'll buy. 

Kings of Leon released their latest album " When You See Yourself " as an NFT a month ago, becoming the primary band ever to try and do so. The band also released an NFT that included perks like front-row seats for all times, which are some things you would not be ready to get with just a physical album. 


Different types of NFT

 Let’s look at the different forms and types of NFT that can be sold on the NFT marketplace.


Digital Art

Biggest use of NFTs has been in the digital art space. NFT is a tremendous opportunity for digital artists to display their talent on NFT marketplaces, thus providing great opportunities for new artists. Digital artists get more ownership over their work in NFT space. So, as the value of the art increases, the artist will be able to make good profit from it, without any complications.


Video-Games

Next biggest use case of NFT is in video games, NFTs can take the form of video game characters, skins and much more within a game.

A popular example is Decentraland, which is a game about digital scarce land. You can buy, develop, and sell the land in Decentraland metaverse using NFTs. You have complete control of your land, you can build anything over it to increase its value. The game also supports 360 degree virtual world, to give the feeling of real world.


Sports

Sports teams are shifting towards NFT by creating their own digital collectibles. The first sports organization to do this was the NBA. NBA top-shot allows fans to buy short video clips from games their favorite team. There are many sports launching their NFT collectibles, for example in Formula1 and Boxing.


Music


Singers and music composers are also entering the NFT space. As I mentioned earlier, King of Leon became the first band in the world to release an NFT album. Many musicians are now looking to monetize their songs through blockchain and NFTs. This is a change will affect the music industry in a big way. While majority of the revenue generated from music space currently goes to third-party people. 

Trading Cards

You probably heard about physical collectible cards, such as WWE cards or Pokemon trading cards.  NFT based trading cards are essentially the virtual version of the physical cards. As of now, you can buy variety of trading cards on OpenSea, currently the largest NFT marketplace.


Most expensive NFTs sold so far 

  • Christie's sold a compilation of artworks by Beeple was sold for a massive 69 million USD. Beeple, is one of the famous name in NFT space, has been making artworks since May 2007, not even missing a single day.

  • CryptoPunk is a kind of creature that belongs to a group of 9 aliens. It was sold for a massive $7.58 million in March 2021.

  • CryptoPunk #7804 is another art that belongs to the group of 9 aliens. CryptoPunk #7804 was sold for $7.57 million, $10,000 less than the CryptoPunk #3100.

  • Next in the list is Crossroads. This is another classic art work by Beeple, depicting US presidential candidates like Trump and Hillary Clinton. The artist was able to sell this art on Nifty Gateway for $6.6 million USD. 

  • Twitter CEO Jack Dorsey decided to sell his first ever tweet as an NFT. This tweet was posted on 6 March 2006 and it went on sale on a NFT platform, ValuablesJack announced that bid from NFT sale would be converted to BTC and donated to GiveDirectly charity ( total 50 BTC (~$2.9 million) was raised and donated).


Should you buy NFTs ?

NFTs is bought on a distinct platforms and which you decide on totally depends on what you would like to buyyou'll need a wallet specific to the platform you're buying on and you may must fill that wallet with same cryptocurrency. the worth of an NFT is principally supported what someone is willing to get it. it's hard to mention whether or not they are going to be an honest investment or not for the longer term.

differently to form money from NFTs is thru Digital sports cards. Hayes says one amongst the foremost popular marketplaces for digital sports cards is NBA Top shot, which sells digital moments of basketball players. A limited number of digital packs with three or four cards in each are released on a particular day. you always should wait in line to shop for a pack before they run out. Then, you'll list the cards on the marketplace to sell individually.

like any investment, there are some risks related to these trendy digital collectibles. Besides the worth of your investment taking place if demand for NFTs decreases, authenticity is another risk related to NFTs. one among the risks is knowing whether the person you're buying an NFT from truly has the rights to the item. Researching the vendor key to creating sure it's authentic.


Controversies around NFTs

There are lot of cash to be made within the NFT market. But you furthermore might may have heard the negative news buzzing round the NFTs, to be specific its the impact NFT has on the climate. NFTs use an out sized quantity of energy in their creation. most so many protesters are worried about the very real impact the craze could wear the environment. A site was built to calculate the carbon footprint of NFTs, one piece called 'Coronavirus' consumed an unbelievable 192 kWh in its creation. That's reminiscent of one Common Market resident's entire energy consumption for 2 weeks. So there's lots happening with NFTs future and because it remains a emerging technology.

Many voices within the art and style community also are angry that NFTs are changing hands for such large sums of cash. Given NFTs were originally created as how of giving control back to the artists themselves by asserting digital ownership, the concept that they're becoming increasingly elitist is causing tension. As we'll discuss in an exceedingly moment, the buy-in fees are prohibitive for severaland thus the cost to truly buy one means many believe the marketplace is becoming a playground for the super rich. 


Can anyone create an NFT ?

Technically yes, everyone can sell an NFT. Anyone can create work, turn it into an NFT on the Blockchain also referred to as 'minting' and put it up purchasable on a marketplace of choice. you will be able to even attach a commission to the file, which is in a position to pay you each time someone buys the piece – including resales. very like when buying NFTs, you would like to possess a wallet founded, and it must be stuffed stuffed with cryptocurrency. And this requirement for the upfront cost is where actual problems lie.

The hidden fees are often prohibitively astronomical, with sites charging a 'gas' fee for each sale (the price for the energy it takes to complete the transaction), alongside a fee for selling and buying. you furthermore might have to soak up account conversion fees and fluctuations in price reckoning on the time of day. All this suggests that the fees can often add up to lots quite the worth you get for selling the NFT. But different sites have different fees attached, and a few are better than others so it's worth doing all your research.


Top NFTs ever sold


Whether or not NFTs are here to remainthey need certainly become a replacement plaything for the uber-rich and there's real money to be made, if you'll be able to make it happen. NFTs give new aspiring to digital art, and therefore the prices seen at sale indicate it's a true a part of the longer term of art, and collectibles generally




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