Feature: Surge Of NFT (NON-FUNGIBLE TOKENS)
The world of cryptocurrency has been making waves lately with the growing usage and popularity of NFTs. Non-fungible tokens or NFT for short is a type of cryptocurrency that represents something unique. The word “non-fungible” means it can’t be exchanged or replaced with anything else. A dime can be traded for two nickels, meaning it’s fungible. An NFT on the other hand is one of a kind, and cannot be traded. In comparison, the well-known cryptocurrency bitcoin can be traded for another bitcoin.
The “token” part of the term refers to the unit of currency that’s apart of the blockchain. Other cryptocurrencies like bitcoin are bought and sold in the same way. This allows for NFT buyers to purchase ownership of the digital item. NFTs can encompass a variety of digital things, for example, artworks and music. Its given many artists and musicians a way to make additional revenue in an elusive way.
Late last year Canadian DJ and producer Deadmau5 created a series of rare collectibles in the form of NFTs with the blockchain platform (WAX) Worldwide Asset Exchange. Then recently this year artist Grimes sold digital art in the form of NFTs in a series of 10 pieces for around $6 million through the Nifty Gateway. Followed by Twitter CEO Jack Dorsey who listed his first tweet as an NFT.
Along with that, the music band Kings of Leon made the decision to release their upcoming new album as NFTs through YellowHeart. Although their album will also be released on mainstream streaming services like Spotify, the NFT version has unique privileges attached to it.
More notably, artist Mike Winklemann professionally known as Beeple sold a digital art collage for $69.3 million at Christie’s. The sale efficiently results in Beeple becoming the third most-expensive living artist after Jeff Koons and David Hockney. It’s the most expensive digital art to sell as an NFT with a certificate of authenticity. Having been sold at such a high amount, this garnered more attention towards NFTs and made it undeniably relevant. Not only did this made more people realize how profitable selling NFTs could be but also how desirable they are to own.
However, it’s important to note when you buy an NFT, you don’t always get the trademark or copyright to the digital item. Instead, what you do get is a piece of code in the blockchain that is valuable for its uniqueness.
Having recently gained prominence, NFTs are becoming more sought out as people start to see the value in owning them. The world of NFTs is still up and coming however supporters of NFTs see a future where it will expand from just trading art and music. The possibilities of what can be sold digitally through cryptocurrencies are endless.
NFT Auction Platform: Nifty Gateway
