Hello friends,
I hope you are doing well. So, I've been reading up on NFTs lately, and I've learned some pretty interesting stuff about them. Now, I'm super excited to share what I've found with you.
NFT, the rebellious cousin of the crypto world. Today, Bitcoin is soaring to its all-time high, nearly touching $73,000, but the NFT concept isn't keeping up.
First off, let's break down what NFTs are. NFTs are digital assets that are non-fungible, meaning each one is unique. They could be anything from photos, videos, and audio files (like Amitabh Bachchan's rendition of "Madhushala") to other digital collectibles.
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Unlike physical currency and cryptocurrencies, these tokens have digital signatures that make each of them unique. When "Madhushala" became an NFT in November 2021, it sold for $756,000, coinciding with Bitcoin's all-time high touching $68,900. Another NFT, "The Merge," created by digital artist Murat Pak, sold for a whopping $91 million, making it the priciest ever.
However, the following year, in June 2022, cryptocurrencies crashed due to FTX's bankruptcy filing and a massive sell-off of Bitcoin, plummeting to $16,000. Consequently, the NFT market dropped from $6 billion to $700 million.
Now, as crypto is once again on the rise, hitting a new all-time high of $73,000 in March 2024, there's hope for a resurgence in both Bitcoin and NFTs.
I hope you found this article helpful and interesting.If you have any suggestions or thoughts, feel free to share them.
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