What is Non-Fungible Token (NFTs)?

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non-fungible token (NFT)
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If you are an artist and still don’t use NFT (Non-Fungible Token), you are potentially missing millions of dollars.     -Olawale Daniel

Modern science is increasing by leaps and bounds, covid-19 results as a boom to the technological world. How we value things is shifting because of technology, it also leads to the revolution of society. People are preferring several things like blockchains, crypto art, NFT, and many more.  

Here we through some light of NFT. 

WHAT IS NFT(NON-FUNGIBLE TOKENs)? 

So let’s start with its name, the word fungible means replaceable, Non-fungible also called non-replaceable, and with a specific owner, you can’t replace it and obviously & unsurprisingly nonfungible is way more valuable than the replaceable one, now let’s converse about tokens, it is unco-kindred to the internet to acknowledge this, we should be familiar with the concept of blockchains; Blockchains fulfill the same things that banks do but instead of doing everything privately like banks, all the transactions on internet are unreservedly and publicly chronicled. It exists on similar blockchain technology as bitcoins.

It provides the ability to securely value, exchange, and purchase digital art with a digital ledger and represents a single asset. These tokens are rooted in different standards in contrast to fungible ones, generally, NFTs are a part of  Ethereum blockchain, Ethereum standard ERC-721. Ethereum is a cryptocurrency but based on ERC-20 standards for that. 

Each NFT contains owner ID, rich metadata, photos, videos, audios, safe file links, and other identifying information that is recorded in its smart contract, basically all Paramount information on a digital ledger that makes each NFT distinctive and unchangeable or unalterable.

It mainly demonstrates the ownership of digital items or some artworks, even though anyone can replicate the material or data and dispense it, which exclusively makes it worth millions. It also needs to be associated with media, which means not just anyone can sell NFTs at a high price. 

In a paper by Yoni Assia titled “bitcoin 2. X (aka Colored Bitcoin) — initial specs”, the origin can be traced as coloured coins of small bits of bitcoins. The very first NFT was created on May 3, 2014, by Kevin McCoy and Anil Dash, who used to live at the Seven on Seven conferences at the New Museum in New York City and in 2015 the very first gift was launched.

LIST OF NFTs

  • Everyday: The First 5000 Days – $69.3 million: started with the value of $100, then went higher and higher and now sold at the amount of $68.3 million, with a huge jump. 

 

  • CryptoPunk #3100 – $7.58 Million: it is the rarest one, and belongs to the group of 9 aliens, with 10,000 punk stores, based on the type or variety of punks they become super rare which makes them more valuable.  These tokens are also ERC-20 tokens so they are used to hound ERC standards.

 

  • CryptoPunk #7804 – $7.57 Million: it has another alien, and comes with 3 accessories. The pricing is high because Alien punks are extremely rare.

 

  • Crossroads – $6.6 Million: Here, artists sold their pieces in nifty gateways, the evaluation of pieces results in high prices. 

 

  • The first Tweet – $2.9 Million: A CEO founder Jack Dorsey tweeted the very first tweet And later on, he sold this tweet for a huge amount of money $2.9 million as an NFT. 

 

  • CryptoPunk #6965 – $1.54 Million: it is an Ape species, as an accessory It comes with a Fedora, 186 fedora punks, and 24 ape punks. It is so similar to the ERC-20 token.  

 

  • Axie Infinity Genesis Land – $1.5 Million: At the time of the selling, it was worth 888.25 Ether; however, the value has increased exorbitantly as the amount of Ether has also increased within a few months.

 

  • CryptoPunk #4156 – $1.25 Million:  only 481 punks Among the 10,000 punks, have this feature. And belongs to the Ethereum address 0xf476cd for $1.25 million. 

 

  • Not Forgotten, But Gone – $1 Million: An artist named WhIsBe creates a gummy bear rotating video of 16 seconds and sells it for $1 Million. 

 

  • Metarift – $904.41K: A limited art of some spherical object rotating in various directions and later clustered in conjunction due to its mysterious or peculiar nature, the piece was sold at $904.41K. 

 

  • Death dip – $1.79 million: it is a unique type of artwork created by XCOPY and sold at a huge amount of 1,000 ETH, equivalent to $1.79 million, and as an NFT secured on Ethereum. 

 

  • The harmony – $10.3 Million: it is a wholly Ethereum compatible blockchain. In April 2021,  The Harmony community launched an NFT marketplace, DaVinci Marketplace. 

 

  • Theta – $6.51  Million: it is the native cryptocurrency of video-streaming with its blockchain network. It is generated to solve the problem of the streaming sector. There are 1 billion Theta tokens in circulation. 

 

  • Decentraland – $0.778 Million: it is an Ethereum based blockchain that allows its users to build, purchase and monetize applications. It is a 3D World. 

 

  • WAX – $0.1521 Million: worldwide asset exchange is an entertainment and video gaming network. Games, dApps are being built on wax. It also offers quickstart, documentation, code sample, and many more. 

 

  • ECOMI – 0.002486 Million: ECOMI offers a one-stop-shop for digital collectibles through the VeVe app, & helps to bring pop culture and entertainment into consideration in the 21st century.

 

  • GET Protocol – $3.90 Million: Guaranteed entrance exam, a few months back GET handled 19,350 State chances on tickets, and after that new 380 events went on sale. 

 

  • MOBOX – 0.6971 Million: it combines gaming with not. It also provides MOBOX users with the distinctive ability to play for free and to earn in one singular operation. 

LIST OF NFT GAMES

  1. So rare
  2. List relics
  3. F1 Delta Time 
  4. Leagues of kingdoms
  5. The six dragons
  6. Axie Infinity
  7. My crypto heroes 
  8. Age of rust 
  9. Kingdom karnage
  10. Crypto kitties 
  11. LIGHT⚡️NITE
  12. 0xUniverse: Conquer the blockchain-based galaxy!
  13. BRAVE FRONTIER HEROES
  14. Trade Race Manager

NON-FUNGIBLE TOKEN INVESTMENTS 

Nowadays digital investments are increasing by leaps and bounds. People found digital investments more profitable Numerous celebrities like Grimes, Jack Dorsey, Shawn Mendes, and Paris Hilton are making millions selling them. Games, cartoons, basically animation are linked a lot with NTFS. In a few months, a large no. of high-profile sales were done.

In 2017, Crypto punks, Crypto kitties were released and raise $12.5 Millions of investments; In 2018, decentral and was released and raised $20 Million for the internal economy; In 2019 Nike patented a system called CryptoKicks that would use NFTs to verify the authenticity of physical sneakers and later in 2020 also not enhance the economy.

 A musician sold around $2million worth of tokens in February 2021. An electronic dance musician sold 33 NFTs worth $11.7 million on 28 February 2021. On March 5, 2021, the band king of Leon sell his newly released album in form NFT worth $2 millions of sale, on March 11, 2021, American digital artist released its artwork for $69.3 Million, and on March 22, 2021 founder of Twitter sold his first tweet in form of not for $2.5 Million. Economists considered NFT as an economic bubble. 

NFT surged in popularity, creating waves in the world of cryptocurrencies and the traditional finance world.

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