But what are NFTs?
Non-fungible tokens or NFTs have turned into the hottest trend for which artists and enthusiasts have shown great zeal and more and more debates and news are heard about them as more people are joining these communities. Buy what are they?
A non-fungible token or NFT is a particular kind of token that is encrypted which represents unique collectibles. NFTs are used in certain apps that demand specific digital items like encrypted art, digital collectibles, and online games.
Tokens are of two types, fungible and non-fungible or NFT. Fungible tokens have equal values and therefore can be exchanged however the non-fungible ones are different in value and therefore cannot be exchanged like fungible ones. Cryptocurrencies such as BTC and many networks and utility tokens are fungible.
NFTs have many features that make them attractive. First of all, they are irreplaceable. One cannot copy or divide them between others. They get their value from their uniqueness, cultural and social significance, and financial value. It’s interesting to know that even if that NFT is resold, the artist will have a share of the new sale.
Tokenization of physical assets is another feature. As each NFT is unique, then they are indivisible and the most common token standard for NFT is ERC-721 through which the ownership and authenticity of a digital file can be proved and protected. Also, when you buy an NFT, you receive the physical asset besides its immutable ownership record.
This token has had around 5.5M transactions since March 30 with a total volume of $557M for the transactions according to the data obtained from NonFungible Company.
NFTs can operate on Ethereum as well as other decentralized exchanges (DEXs) like NEO and EOS. DEXs work like smart contracts with lots of NFT tools which comes in handy when describing the metadata deeply. NFT and DeFi seem to be working really well with each other and you can trade them on Nifty Gateway, OpenSea, SuperRare, and some other exchanges.
CryptoPunks and CryptoKitty are considered as the first NFTs in the history of NFTs. CryptoPunks holds 10,000 human bodies and animal characters’ cute animations while those of CryptoKitty are fantasy cats’ images that initially were free. But now while the most valuable CryptoKitty is over $100,000, each CryptoPunks is worth more than $1 million. The largest NFT product refers to "NBA Top Shot" which is website launched in Oct 2020. In fact, it’s a video-based virtual basketball trading card website with 276,350 transactions recorded on its network and a total volume of $459.71M.
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