WHAT ARE NFTs?

in #hive-1484412 years ago

First of all, let me tell you that the initials NFTs come from the word Non-Fungible Tokens but what does this mean?

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It means that it is an asset with an ability to be unique and unrepeatable, with the advancement of blockchain technology, each token can be stored with unique properties that certify it as a completely original asset and guarantees that its properties cannot be repeated.

A token is a way to represent digitally (i.e. within the Blockchain world) something that has a value; in this way a token could be a kind of currency, a voucher or a token that would indicate the value in money that something would have within a completely closed ecosystem, they are the ones that determine the value for the use and exchange of the same.

In general, NFTs are nothing more than digital files, whether videos, images, gifts, documents or even video games, associated with a key that makes them unique (blockchain), its use is usually related to Ethereum.

What makes NFTs unique is that within the blockchain of a cryptocurrency they associate a unique key to that digital file that -as I explained- can be a gift, photo, video or game and thus, it cannot be copied or hacked being qualified then as a unique piece as it would be the Mona Lisa.

As NFTs are unique pieces, sales of original codes have been achieved for ridiculously high amounts since they can be acquired for collecting, for status or because they offer certain extra benefits when acquiring an original piece such as participating in private parties or private clubs.

In terms of drawings and digital images NFT some platforms such as Open Sea which is the best known, charge an initial fee to publish your first design and then the creation and publication of images is free. The cost is cancelled in Ethereum and can have an initial value from $20 to $130 to start and can end up being sold for an extremely high sum, like the one paid by the player Neymar for two works of NFTs, cancelling 159.99 ETH for one work (460,000 Euros) and 189.69 ETH for another (550,000 Euros). Not bad for the creator and seller of the piece, right?

The 3 most expensive NFTs I can mention to you are:

1st place: The Merge, for this piece a bid was set among 30,000 buyers with the final price being set at 91.8Million $ paid with non-ETH tokens making it the most expensive NTF in history.

2nd place: Everydays: The first 5000 days belongs to the artist Beeple, it was sold at auction and consists of a collage composed of 5000 pieces that the artist has been making day by day since 2007. The auction was attended by 30 people and reached a sale price of $69.3 million.

3rd place: Clock based on a counter that shows the days that the collaborator of this creation Julian Assange has been in jail and was sold for a cost of 52.7 million $.

With all this information that I just gave you, surely you want to create your own NFT and sell it... well, I can not recommend you to do it or stop doing it, I can only inform you that in case you want to venture into this interesting market you should investigate well on your own and rely on the information offered by some more reliable platforms in this matter as Open Sea I also remind you that you must have some crypto to cancel the initial fee to put your NFT for sale.

Good Luck!