Non-Fungible Tokens (NFT)

Non-Fungible Tokens or NFTs are an emerging platform for incorporating or trading digital artwork. Kevin McCoy invented NFTs on May 3rd, 2014. This NFT, called "Quantum" is a pixelated octagon containing shapes that have the same centre, with larger shapes surrounding smaller ones and hypnotically pulsing in vibrant hues. An image, gif, clipart, music, video, or anything in the digital format can be converted to an NFT.?NFT works on a blockchain marketplace (Ethereum blockchain), but unlike cryptocurrencies, they are not interchangeable, hence the name non-fungible. You shouldn’t confuse NFTs with something that can’t be resold. By putting an artwork as an NFT, the artist gains signage and the artwork becomes authentic. In contrast to cryptocurrencies, this digital token represents or attributes to real-world objects.?In simpler terms, NFTs can be seen as a medium through which one can make a digital art collection possible. This is possible because each NFT has a unique code and also, by its virtue of being interchangeable, one who buys an artwork converted as an NFT would be the sole authentic owner of that particular artwork. The idea is not as confusing as it sounds if you take the example of Jack Dorsey, the co-founder, and CEO of Twitter, selling his very first tweet as an NFT for under $3 million. This means the person who bought the tweet as an NFT would be the authentic owner of the tweet, but as the tweet is on public display, everyone who takes a screenshot of the tweet or saves the tweet as an image will be ‘having’ the tweet, but they will not have any ownership over the artefact.

NFTs are now largely sold on blockchain-backed markets like Nifty Gateway, Opensea, and Rarible through "drops".?The term "drop" refers to the public release of a non- fungible token. It informs the specific time and date of the NFT minting. To start collecting NFTs, you ll need a digital wallet that can store both NFTs and cryptocurrencies accepted by your NFT supplier. A credit card can be used to purchase cryptocurrency. NFT enables an artist to sell work that would be in little demand otherwise. Every NFT pays an artist a percentage every time their NFT is sold or transferred, ensuring that if their work becomes really popular and valuable, the artist will reap part of the benefits. As a buyer, NFTs allow you to financially support artists you admire while also granting you some basic usage rights.