All you need to know about NFTs
We understand. The pandemic created global disruptions. But resilience is a human trait and we're bouncing back.
Amidst the turmoil, an exceptional innovation emerged in the art world:
NFTs.
Art and Crypto birthed an incredible offspring, Non-Fungible Tokens. The art sphere reverberated when digital artist Mike Winkelmann, known as Beeple, sold 'Everydays: The First 5000 Days' for $69 million, setting a record on Christie's Auction House platform.
Isn't that incredible?
Your favorite musicians and DJs are not left out. They're auctioning tracks exclusively to the highest bidders and quickest clickers: Kings of Leon, Banks, 3LAU, to name a few.
The Internet, art, and money are weaving an intriguing tapestry with the advent of web3, soon to be known as w3b. More on that in subsequent articles.
So, what's an NFT?
An NFT, or Non-Fungible Token, is unique meta-data that can be transferred while maintaining its inherent value in ether or alt-coin, depending on the platform. We'll concentrate on Ethereum blockchain NFTs minted on OpenSea.io for this discussion.
DappRadar puts it this way: "Each NFT contains owner ID, rich metadata, safe file links, and other identifying information that is recorded in its smart contract, making each NFT unique and unexchangeable." Does that clear things up?
If not, picture a virtual gallery where digital currency buys unique collectibles.
Mind-boggling, right?
I came to understand the revolution this creates for creators and collectors. As a reader, you likely spend significant time online, intrigued by visual delights, but perhaps unsure about authenticity or investment worthiness. NFTs solve this.
NFTs provide robust authentication and long-term royalties from sales and resales of digital collectibles. Cryptocurrency didn't fully manifest its potential since Bitcoin's release in 2009. With the shift to virtual interactions, video games, virtual events, and augmented reality became mainstream, paving the way for online crypto transactions.
Why does this matter?
Change is constant. Physical art will maintain its allure, its rarity often enhancing its appeal. But rather than battling the Internet, let's navigate it. Here are some notable NFTs worth exploring:
