Top Facts about NFTs
NFTs are the latest trends on blockchains among crypto users. However, the ecosystem and exposure to NFTs are relatively less to Crypto users. Therefore, many people don’t know a lot about NFTs. If you are into Crypto, or you are a Content Creator, then you must check out NFT, it’s the best possible way to trade authentic cryptographic digital content online. Recently, the famous digital artist Beelep has sold an NTF for $69 million. Many more contents have been sold through NTF trading for a huge deal, this is the reason that NFT is gaining popularity and many are noticing the NFT marketplace. If you are curious about NFT too, you should read this article completely, because here we will talk about the Top facts about NFTs that every NFT enthusiast should know.
- If you have an NFT you can share the NFT and it can be consumed, however, the NFT cannot be duplicated by any means. This protects the authenticity of the NFT ownership, hence it is now the most secure way to trade digital content online.
- Anyone who is now tired of dealing in Stocks or Cryptocurrency can now invest in NFTs. We can see the influence of NFT in our societies, numerous Artists sell their artworks as NFTs for their daily living.
- Since NFT is built on blockchain, no one can do any forgery and it creates a pleasant platform where artists don’t have to go through legal procedures like trademarking, copyright and loyalties to prove the authenticity of an NFT.
- You can create any digital file as an NFT, such as music, video, skins, digital arts, avatars, games, apps, autographs, even Facebook posts and Twitter tweets.
- NFTs are supported via Etherium Network, thus helping in the communication of transaction orders across the backend which indeed protects users from charging twice. Moreover, owners of NFTs can now automatically collect all royalty from any transaction.
- Many people must be unaware of the fact that a single minted NFT produces approximately 211Kg of Carbon-Dioxide, which is almost equal to the amount of CO2 released by an Aeroplane on a trip from London to Rome. Even more, the NFT marketplace SuperRare denies all the environmental damage that it’s causing and argues that knowing the energy expenditure will not stop people from using NFTs.
- The concept of NFT is related to the Coloured Coins which date back to 2012 when coloured Coins had the concept of cryptographic ownership of digital content, however, coloured coins never lived as expected.
- Two games on Etherium, CryptoKitties and CryptoPunks has made the NFT mainstream in 2017.
- You can now own a digital virtual world because NFT made the virtual real state a real thing. Moreover, it is now in trend in the NFT community, people are now purchasing virtual lands to build and monetize the virtual land. For game development, these things might be really useful, if devs can use the mash of the 3D virtual world.
- Many Blockchain companies are searching for a more sustainable solution for the energy consumption of NFT’s. Even SuperRare are donating money to increase the production for a better resource that will do less harm to our environment.
- NFTs by volume that is all traded by now is roughly $431 million, which is like an ant in comparison to the ArtWork-Forgery Industry. However, as people are now more aware of NFTs it is said that the art forgery industry will slowly die out.
- Sold for roughly 69 million dollars, Beelep’s JPEG an artwork by a renowned artist Beelep is the most expensive digital content ever sold online in the world and the 3rd most expensive artwork in the world. Another artwork by PopTart and Animated Flying Rainbow Cat titled Body Meme was approximately sold for $600,000, thus making history that it’s the first privately owned meme as an NFT.
- Since NFTs are very flexible and secure with a solid authentication method, it could be the future of finance in a digital marketplace. Since NFTs are a reliable source to invest in without any legal works. However, the value or demand in the marketplace fluctuates quite a bit as people buy, trade and sell.
- Major Celebrities are monetizing NFT’s, Artists like Mike Shinoda from Linin Park are creating their albums and songs as NFT content, which is a good thing if they genuine hold their content as an NTF there will be no question about any duplicate or forgery content.