A quick look into NFT or the new digital asset
You know bitcoin. You’ve heard of it, you might not know every bit of it, but you somehow know it’s a piece of currency that’s being traded. Some make millions, some splash out and bankers being confused.
Bitcoin has a brother, we call it Ethereum and on this framework a new thing was born. NFT, popularly known as Non-Fungible Token.
Okay, I’ll make it a little bit more clear for you (because explaining it in detail is nothing but a book).
Assume that you’re the first human being to put a video on YouTube. Years later YouTube has become the world’s #1 video streaming platform and your video is nothing but a history now.
Now, someone can give you $100 million dollars and take ownership of your digital asset which is your video (first YouTube video). At this point of time, many people might have a copy of the video including the original owner, but that’s okay.
The real owner is the one who purchased it for $100 million dollars. Well, that’s when NFT comes in. You can buy digital assets with NFT by converting the asset into an crypto token which can only be owned by you.
I think that’s fairly clear. The technology and encryption behind this is huge.
From $100 to $69 Million dollars, various digital assets has been sold with NFT since its start. Just like your first video, Twitter’s CEO Jack Dorsey sold his first tweet for $2.9 million dollars.
Some of the artworks that are being sold will never make sense to you, but of course the same happens in the physical art sales as well. It’s all about how the buyer feels it.
Of course the buyer is always anonymous considering the framework of blockchain technology, but the fact that anyone can sell their artwork via NFT is an absolute chance to become a millionaire (with a good art at hand).
That’s it for NFT. I know you somehow understood the idea of NFT, but the detail is even more interesting that it doesn’t fit inside this article. Slowly with time, you’ll understand how the whole world of crypto works.