What is an NFT?
NFTs have become a mega buzz word as of late, one that also seems to be inescapable. When NFT’s first gained popularity, people began selling their viral tweets, short form content videos and other viral memes as digital property. As a result, the NFT Market exploded, as did the concept of digital intellectual property rights and digital assets. But, before we get into that, what exactly is an non-fungable token?
NFTs are non fungible tokens, collectors items that cannot be replicated and exist as a distinct datapoint on the blockchain. However, you don’t need to be an expert in blockchain to buy NFTs or crypto NFT art.
NFTs can range widely in price. While non-fungable token prices can be on the lower, more affordable end, there are a number of highly priced, highly valued NFTs. The most expensive NFT, thus far, sold for $91.8 million; an artwork known as “The Merge”. However, exorbitant price tags are not necessarily what gives NFTs meaning.
At present, Opensea is the largest NFT marketplace where users can view a range of NFTs for sale. NFT examples include cryptopunks, sports NFTs, crypto collectibles, newspaper headlines, trading cards, music albums and so forth. However, there are other peer-to-peer NFT marketplaces like Coinbase non-fungable token where you can also buy, sell, trade and create your own NFTs.
The world of NFTs and blockchain is still evolving, and the potential for NFTs is rather endless. So while auctioning off viral internet memorabilia may have accelerated NFTs’ launch into the mainstream, truly anything can become non-fungable token including real world objects, and virtual events.