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Dec 16, 2022 / Updated:Dec 16, 2022
What is NFT? Explanation of blockchain technology
During times of crisis, interruptions to ordinary life frequently catalyze innovation. Due to large banks' intentional gambling with their clients' money in high-risk activities, the United States experienced a financial crisis in 2008. In the aftermath of this upheaval, blockchain was developed, offering a vital tool for altering a broken system. In simple terms, blockchain is the engine that keeps the system of NFTs and cryptocurrencies "alive" to develop a new monetary system.
We've talked about cryptocurrencies a lot, so let's now dive into the world of digital art and let's find out what is NFT (NFT- nonfungible token)
In simple terms, NFTs are digital assets that may represent the real world in the form of art, music, and videos and can be purchased online, or could be completely disconnected from real world and act as a native digital asset, for example a skin in a game, or even a whole decentralized character. As it is a vital part of the blockchain system, you should use cryptocurrency to buy or sell NFTs. NFTs are gaining more and more popularity, and there are many reasons why it attracts people's interest.
Firstly, NFTs are unique and can represent any digital asset on the blockchain (from Etherium to Tezos and more). The concept of NFTs has opened a new medium for artists and creators, allowing them to showcase their creations in a more accessible yet upgraded way. The idea itself is a win-win both for the collectors and the artists. For example, the artists get the chance to monetize their artworks, while creators have full transparency into the authenticity of the purchased artworks.
JUST SCREENSHOT IT
Well, NFTs are costly, and investing in the market requires some effort. So why not just screenshot it? The concept of the NFTs is that the owner purchases the "copyright/ownership" of the item, and it stays original and authentic. Moreover, the purchased NFT contains a built-in system that serves as a "proof of rights," which fuels the collector's "digital bragging rights."
Consider an NFT as a special kind of ownership documentation for something you can't typically hold in your hands, such as a piece of digital artwork, a digital voucher, or even a video clip.
-What if I don't care about the originality of the artwork and I want to buy and sell NFT? Can't I screenshot it?
The short answer here is NO. The originality and authenticity of the artwork add another layer of value to it. You can screenshot it, of course. But you can not sell it, as without the "copyright proof," it has very little value. Let's say you took a photo of Van Gogh's Starry Night. It would be hard to sell it to a collector, wouldn't it?
You are not buying the picture or the artwork. You are purchasing the property rights of it.
THE FIRST NFT…
Kevin Mccoy is a New-York based artist who, back in 2014, created the first NFT called "Quantum." Quantum is a hypnotically pulsing pixelated depiction of an octagon with circles, arcs, or other patterns with a common center, more extensive forms surrounding smaller ones, and neon colors. The original "Quantum" artwork (2014-2021) is presently on the market for seven million dollars.
Kevin Mccoy started the NFT revolution, and now, in the modern world, anyone can create NFTs, regardless of their profession.
Creating NFTs requires no experience. The only thing necessary is that the creator has to prove their ownership of the artwork.
THIS IS LIKE MONEY…BUT BETTER
In your journey to understanding what is a non-fungible token, you should also keep in mind that it is all based on the decentralized power of blockchain technology.
In the hopes that its value would increase, some investors are placing large bets on the NFT market and NFT art. Others purchase NFTs only for attention, bragging rights, or to become part of a new group.
Moreover, everyone and anyone can buy NFTs, and research shows that the NFT marketplace will steal the show, revolutionizing the concept of monetization.
The NFT marketplace has a bright future and promises an art scene of endless opportunities. As the world evolves faster, it is vital to keep track of technological advancements. Thus, it is the right time to invest in the NFT marketplace, which can be achieved via Blockchain companies like Definme. The company provides with services both for the artists and the entrepreneurs.
Drop us a Line!
If you are an entrepreneur or an artist willing to engage with NFTs, slide into the Metaverse Development service section. Contact Us! We are here to help
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