Read This If You Are New in NFT Space!

Do you remember artists like Pablo Picasso and Leonardo Da Vinci? Their artworks were precious that, after decades, people bought them in millions. In 2015, one of the works of Picasso was sold for more than $179,000,000! Now, in this digital era, everything is going online, and you can buy everything literally on The Internet. People used to purchase physical assets with physical currency. But now, it’s a different era when the concept of digital currency like cryptocurrency came into the picture. NFTs are something we all need to understand because this will be the future of digital arts and creative expression. Many artists and collectors are making millions of dollars selling and minting these NFTs. Creating something as digital art, then selling them, collecting them, and minting them, there is a whole different marketplace for NFT artists and collectors. 

Creators and artists get the most benefits as they get ownership of the works they create and sell. The reason people are coming to this space is because of the authenticity, ownership, and security factor of NFTs. Since Mark Zuckerberg introduced the metaverse to the world, NFT has become very important. This market also has a bright future for music artists to publish and license their original pieces. Understanding NFTs isn’t that hard if you use a credit card and get rewards every time you pay or own VIP membership. Suppose you bought a very expensive, let’s say, Gucci Bag, now you didn’t pay for the materials of that bag. Instead, you acknowledged that with the social currency that came with it. When you sit with your friends at a party, you will “show off” that bag. That’s how the system of NFTs works. 

What is an NFT?

There is and was a time when people used to judge by looking at their social profiles, money they have, or cars and houses they own. In the future, people will be considered by how many digital assets or NFTs they have and what they are. So, you might wonder why many people buy NFTs and are so crazy about it. Well, that’s the same reason why people go the Starbucks and buy a $10 coffee when they can get the same coffee anywhere else for $2-$5. 

NFT stands for Non-Fungible Token, which people can make, sell, and buy. You can say that NFTs are one-of-a-kind digital assets that may be found in various industries, encompassing digital art, virtual real estate, collectibles, gaming, and more. Any material, including art, trade cards, memes, gifs, video clips, audio clips, tweets, even this article, can be minted or tokenized and made into an NFT. These assets may be purchased, sold, and exchanged using cryptocurrency once they have been tokenized. If you are an artist and can create something people would love to buy and collect, BOOM! You are an NFT artist. We all want our social reputation always to be high, and these digital assets make that thing easy for you. But why do we call it Non- Fungible Tokens?

The fungibility of assets shows their interchangeability. For example, all $100 bills have the same value, but a signed t-shirt or card of some famous athlete might seem identical in the world, but not. Similarly, some NFTs seem to look the same, but there are massive differences in their metadata. 

Is That All?

The vastness of NFTs is just above everything, and it is impossible to describe in just one article. So, we thought it would be a series of articles to tell you about the NFT market space. If you are new in this market, we suggest reading all parts of this NFT series by us. In the following article, we will be describing the importance and how these NFTs work. Stay tuned! If you want to read more about NFTs, go and check the dedicated blog by Gary Vaynerchuk.