What is Truly Exciting in NFT’s? Why They Appeal People?
Published on: February 21, 2022
What's truly interesting is the technology's potential and where it can lead us in the future.
What's NFT Hype These Days?
These days, NFTs are all the rage. At first look, they appear to be a harmless viral trend, with collectors changing their profile images to bright miniature avatars, such as the $280,000 Serena Williams CryptoPunk pin Alexis Ohanian wore to the Met Gala.
Wait a minute, a $280,000 pixelated cartoon? NFTs may be worth investigating further.
NFTs are gaining traction among non-celebrities as more financial planners learn about them. As a result, it won't be long before clients inquire about incorporating NFTs into their portfolios.
A non-fungible token is a one-of-a-kind token associated with a particular asset. The phrase "non-fungible" refers to the fact that NFTs cannot be traded for other NFTs. For example, you can swap bitcoin without losing value, but not one NFT for another. Each NFT is a one-of-a-kind item with a specific value. Because NFTs are one-of-a-kind, they are incredibly precious. There are particular platforms for buying NFT tokens. However, these platforms include coinbase, opensea, Rarible, SuperRare.
How much are NFTs Worth?
Well, anyone can tokenize their work and sell or auction it as an NFT, but recent headlines about multi-million-dollar purchases have piqued attention.
An animated Gif of Nyan Cat, a 2011 meme featuring a flying pop-tart cat, auctioned for almost $500,000 (£365,000) on February 19.
Read Also: What is NFT Art Finance?
Grimes sold some of her digital paintings for more than $6 million a few weeks later.Art isn't the one thing that is being tokenized and actioned. With bids reaching $2.5 million, Twitter CEO Jack Dorsey has sponsored an NFT of the first-ever tweet. Christie's auction of a digital artist Beeple's NFT for $69 million (£50 million) set a new high for digital art. Sorare, a French company that offers football trading cards in NFTs, has raised $680 million (£498 million). However, as with crypto-currencies, there are concerns regarding the blockchain's environmental impact. Clem will sell the famous meme "side-eyeing Chloe" as an NFT.
You might wonder why anyone would buy an NFT as you try to wrap your head around the strange and mystical world of non-fungible tokens. There are several reasons why folks with extra wealth choose to invest. The reasons include Scarcity and collectability.So are you ready to follow NFT trend? Let us know in the comments.