WHAT IS A NON-FUNGIBLE TOKEN (NFT)?


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WHAT IS THE DIFFERENCE BETWEEN A FUSIBLE COMMODITY AND A NON-FUSIBLE COMMODITY?

          NFT is buying and selling digital art in cyberspace. How can one buy and trade NFT? How to effectively price ones’ NFT?Do we own the rights to an NFT? Can we make NFT of someone else’s artwork? Normally, a lot of questions arise in our minds when we hear about NFT for the first time. It is not as confusing as we think, before knowing what is NFT? Firstly we should understand the meaning of the word fungible. Fungible is anything that can be replaced for example if you are following a diet plan and the dietitian asked you to consume a fruit that gives you 62 calories and referred to eat an orange daily. Unfortunately, you hate orange so you replace it with a cup of blackberries which give the same 62 calories Hence it is replaceable.


Non-fungible goods cannot be replaced the painting of the Mona Lisa by Leonardo da Vinci is special because it is the original artwork. You may think that anyone with excellent drawing skills can recreate the picture. Any good artist can! but it doesn’t have any value as ‘ Da Vinci’s signature  Mona Lisa.’ It is priceless so unique artwork cannot be replaced which makes it non-fungible and the token is just the symbol or the emblem associated with the Non-fungible assets, thus making a Non-fungible token(NFT).

WHY IS NON-FUNGIBLE TOKEN POPULAR NOWADAYS?

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              NFT was started as a platform to give skillful artists a space to display their talents and give them more opportunity, financial benefit, and ownership of their creations. We live in a world where even a small invisible microorganism can put the world to a halt.

The covid pandemic has made people opt for decentralized financial options like etherium blockchain and bitcoin where individuals can interact without the help of intermediates. With the NFT market just in its infant stage and the NFT sales reaching more than 34,530,649.86 USD by now it is surely a promising industry and with more celebrities showing interest in NFT its popularity is elevating

.

How to create and trade my artwork on this digital platform? will be a question that many artists may ask. The most popular of them is the open sea.  Variable, Axie marketplace, Larva labs/crypto punks, Nifty gateway are some of the most famous NFT platforms.

What all types of art forms can be traded in NFT platforms? It can be a digital art piece, song, whole album, an article, memes, sports, games, performance art, fashion, collectibles, and many more.



10 TOP MOST EXPENSIVE NFT’S SOLD ARE:

Image source:screenrant.com

The topmost NFT artworks and the extremely impressive money  the artist obtained for their creativity  from the NFT platform are as follows:

  1. Every day: the first 5000days-$69.3m

  2. Crypto punk # 7523-$11.75m

  3. Crypto punk # 3100-$7.67m

  4. Crypto punk #/7804-$7.6m

  5. Beeple’s crossroad-$6.6m

  6. Beeple’s oceanfront-$6m

  7. Crypto punk # 5217-$5.59m

  8. Edward Snowden’s Stayfree-$5.4m

  9. Save thousands of lives $5.23m

  10. Crypto punk #2338-$4.37m


Artists, buyers, and sellers are equally crazed with the number of money people are ready to spend to own digital art., and with the ownership given to each art, it is protected from fraud and counterfeit the crypto art market is making headlines all around. Started with Kevin Mccoy’s Quantum image once laughed upon when sold for eye-catching dollars. The octagon is now called one of the genius works made. so it is a matter of changing the audience. when presented in the correct market place it gets recognition. so those who are an artist looking for an opportunity  NFT platforms is the perfect space for you, why don't you just make a try!




       


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