Nowadays, in the era of digitalization, new techniques and new experiments often come to the fore for earning. NFT i.e. non-fungible token is also related in this direction. Games, paintings, albums, memes, music, etc. are being sold through NFTs, but the surprising thing is that people cannot touch these things, just see in the digital space, yet they make so much money for digital assets. Why are you being paid? Friends, the concept of NFT is very interesting for the new generation. NFT is a perfect amalgamation of Virtual Reality, Social Media and Cryptocurrency. Through this article, we will tell you why NFT is making headlines nowadays and what are its special features. So read the complete article for this interesting information.
|Full Name||non fusible token|
|when did it start||Started from year 2014|
|who sold the first nft||by Kevin McCoy and Anil Das|
|Objective||NFTs act like digital assets from which value is generated|
|Important talk||NFTs are always unique|
NFT stands for Non Fungible Token. It has started from the year 2014. Whenever something is digitally present on the Internet, it is possible that its copy or copy is also present on the Internet. But there is a special feature of NFT. NFTs are always unique. A unique ID code is associated with them. If a person says that he has NFT, it means that he has a unique digital work which no one else in the world has. These NFTs act like digital assets from which value is generated. It cannot be exchanged between two people. Each token associated with it is unique. If you understand NFT in common language, then when you register for the ownership of an artwork on the block chain, then it is called NFT.
Importance of NFTs
Friends, who does not like ownership over their assets or creations. Ownership makes your creations unique and no one else can attribute or copy them. If this facility is available in the blockchain or digital world too, then who will avoid it? The use of NFTs makes digital assets unique and can be owned by only one person. NFTs are nothing short of a great help to the artists. The uniqueness and ownership of his artwork is always protected through NFTs. Apart from this, the thing to note is that artists can also monetize their work through NFT. It depends on the person selling the NFTs in which type of currency he wants the payment.
- The existence of NFT i.e. Non Fungible Token first came in May 2014.
- The first NFT was created by Kevin McCoy and Anil Das.
- It works on the principle based on the Ethereum blockchain technology.
Let me tell you that two NFTs can never match. When any person buys NFT, he also gets a certificate which is linked to the blockchain technology. Anyone can convert their creations involving memes, paintings, videos, music albums, games, etc. to NFTs. Due to the unique ID code, fraudulent activities related to NFT cannot be done.
How are NFTs and Bitcoin different?
Two bitcoins can be exchanged as they will cost the same, whereas this cannot happen in the case of NFTs. The token associated with NFT is unique. Two NFTs cannot be exchanged with each other. It can be said that if bitcoin is a digital asset then NFT is a unique digital asset. In NFTs the creation or ownership of the asset can be established.
How are NFTs and Cryptocurrencies different?
There is a difference between NFT and crypto currency. Let us tell you that while NFTs can be seen as digital assets, crypto currency is a digital currency. This type of currency is used for payment related purposes whereas NFT is made with the idea of getting product ownership to someone.
Why is NFT in the news?
NFT may have started in 2014, but nowadays it remains a topic of discussion. Let us tell you some examples related to NFTs that have brought NFTs into limelight:
- Digital artist Michael Winkleman sold one of his NFTs for $69.3 million.
- Former Twitter CEO Jack Dorsey’s first tweet was sold as an NFT for $2.9 million.
- A cartridge belonging to the video game Super Mario was sold for 11.58 crores.
- A meme that came in the year 2015 was sold for Rs 38 lakh.
NFT in India
Talking about the popularity of NFT in India, then slowly it is attracting the attention of Indians. For example, Indian-origin citizen Vignesh Sundaresan runs a business related to block chain technology and bought a painting by digital artist Michael Winkleman for $69.3 million. Film actor Amitabh Bachchan is also believed to be set to launch NFTs. . It has been told that posters with Amitabh’s autograph will be included in his NFT. Apart from these, actor Salman Khan, cricketer Dinesh Karthik have also taken the initiative to make NFTs. There is also news that the first company to take NFT to the public in India will become a crypto exchange.
Disadvantages of NFTs
- Ordinary people can also fall prey to any fraud or scam due to lack of information.
- One may also have to wait for a long time to earn through NFTs.
- Computers working on this technology use a lot of electricity, which can have a negative effect on the environment.
What is the full form of NFT?
non fusible token
When did NFT start?
Who sold the first NFT?
By Kevin McCoy and Anil Das.
Is NFT different from bitcoin?
Is NFT different from cryptocurrency?