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One of the most significant developments over the last couple of years has been the introduction of NFTs. An NFT is a non-fungible-token and is represented by a piece of digital art that cannot be replicated.
The rise of cryptocurrency has changed the world as we know it. Cryptocurrency has evolved over the years to have a market cap of over 2 trillion dollars. With Bitcoin and Ethereum both sitting at all-time highs as of October 2021, the momentum and popularity crypto has gained is something that cannot be ignored. In this article, we will see What Are NFTs and How Do They Work In Details?
One of the most significant developments over the last couple of years has been the introduction of NFTs. An NFT is a non-fungible token and is represented by a piece of digital art that cannot be replicated. Those holding an NFT piece have complete ownership rights over the particular piece of digital art and have the ability to buy and sell their NFTs through a variety of online marketplaces.
With some NFTs selling at auctions for millions of dollars, this new form of collectible art has taken the world by storm. But what makes an NFT so special that it can sell for millions of dollars? In this article, we will take a look at what NFTs are and why some have become so valuable. By looking at their use cases and overall function—we will gain a better understanding of this newly emerging asset.
According to art dealer and columnist for Artnet, KennySchachter—digital artwork can overtake the traditional art market within five years. He seems to be on to something if we consider the fact that both the cryptocurrency exchange Coinbase and the world-renowned auction house Sotheby’s which was established in 1744, announced that they would be launching NFT marketplaces.
What Are NFTs In Simple/ Layman Terms? NFTs stand for non-fungible tokens. These are unique assets that are irreplicable and are verified and stored through the use of blockchain technology. They have a variety of uses, including music and website domains. However, the current hype is centered on digital artwork.
Some of the most popular places to Buy & Sell NFTs are online marketplaces like opensea.io, niftygateway.com, and superrare.com. Aside from these online markets, traditional auction houses like Sotheby’s and Christie's have also gotten involved—with Christie's having recently sold the most expensive NFT ever at a staggering $69 million.
It was a piece done by the digital artist Beeple titled Everyday. Many believe that this record will be hard to beat in the future; however, with NFTs gaining more and more popularity each day, you never know if a new piece can come along and sell for more.
Still, not all NFTs go for millions of dollars. NFT pieces can range anywhere from single dollar values to thousands depending on the uniqueness of the art and how it resonates with collectors.
This is another common question that is up for debate. While many traditionalists might say no, there have already been several NFT exhibits in major cities like London and Cologne. It has also been said that there will be a museum dedicated to NFTs coming soon to Midtown Manhattan.
Exhibits will consist of 3-D hologram projections of sculptures that can be powered on through the press of a button. With that in mind, it seems like this new emerging art form can coexist with traditional artwork, making this a very exciting development for the evolution of art.
Having gone over what NFTs are and what makes them valuable, it has become clear that NFTs have changed the art world as we know it. Combining the elements of blockchain technology with the world of art collecting has created a hybrid market that appeals to digital natives that have already adopted the use of cryptocurrency.
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