WELCOME TO THE MAGICAL WORLD OF NFT
An NFT (Non-Fungible Token) is a virtual token that uses blockchain technology to track ownership of virtually anything that is unique and rare, such as paintings, music, virtual real estate, postcards, video recordings etc.
The difference between NFTs and cryptocurrencies is that the latter can be broken down into smaller units or traded for the same value, whereas NFTs cannot. No two NFTs are the same, which increases their value.
3K+
NFT’s created
20+
collections created
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To really understand NFTs it is best to explain the acronym. NFT stands for Non-Fungible Token. To understand what non-fungible means, let us give an example.
For example, a fungible asset is a $100 banknote. We can replace it with another $100 note or two $50 notes. In both cases, the value of our asset remains the same. We can also exchange one bitcoin for another and keep the same value.
In contrast, non-fungible assets are unique and cannot be replaced by other assets.
An example of a non-fungible asset is a ticket to a baseball game with a specific date, time and seat. We cannot replace this ticket with another ticket for the same game or with a concert ticket because our baseball ticket is unique. A similar example is an airline ticket, which is specific in terms of destination, date, time of flight, and seat number.
An NFT is considered a non-fungible asset because each NFT is different from another, even though the two tokens may look similar at first glance.
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The two most popular NFT platforms are Opensea and Rarible where you can view, buy and sell different types of NFTs such as digital art, photos, web domains, music, videos, collectible cards, and more.
For basketball lovers, there is a popular NFT platform called NBATopShot where you can collect highlights of NBA games in digital form.
The virtual fashion market or crypto clothing market is also on the rise. RTFKT is a creator of virtual sneakers, memes, and collectibles. We can use their NFTs in video games and augmented reality.
The NFT world is also spreading into the music industry. Deadmau5 has released a series of digital collectibles with NFTs on WAX blockchain. DJ Justin Blau / 3LAU sold his NFT album titled Ultraviolent in an auction for $11.6 million.
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