Team, if you are like many others out there you are probably just starting to understand how blockchain technology works and how you go about investing in “Crypto Currencies”.
The latest craze to blockchain technology is NFT’s (Non-fungible token) which in laymen’s terms is a way of making a digital asset unique. For example, an artist will create a piece of digital artwork, they then attach it to the blockchain on a platform such as Ethereum which attaches that piece of artwork to the code, the code is then able to be used the same way Ethereum or Bitcoin is stored and traded . After that process the artist can sell the artwork as a single version on exchanges like Nifty Gateway.
Yes, technically anyone can copy the file, but only the person who holds the private keys to that file actually owns the file. Think of it with the same thought process you would talking about the Mona Lisa, yes an good artist could replicate the artwork or you could make scans of the Mona Lisa, but it will never be the real Mona Lisa. NFT’s are the same way, as long as you hold that private key the digital artwork will always belong to you. Like any collectable, an item’s value is only worth something if someone thinks it is valuable. Think back to the days when you threw out your Pokémon or Basketball cards once you lost interest in them only to wish you didn’t as they are now be worth thousands.
“A non-fungible token is a unit of data on a digital ledger called a blockchain, where each NFT can represent a unique digital item, and thus they are not interchangeable. NFTs can represent digital files such as art, audio, videos, items in video games and other forms of creative work. The NFTs can be bought on an NFT market. Access to any copy of the original file, however, is not restricted to the owner of the token. While the digital files themselves are infinitely reproducible, the NFTs representing them are tracked on their underlying blockchains and provide buyers with proof of ownership of the NFTs.” Source Wikipedia.
Still think that this all sounds crazy? Lets look at some recent sales in the NFT world.
At $69.3 million one would hope the NFT movement is here to stay. As interest increases in the NFT space, more and more artists are joining in. Including music artists such as Calvin Harris who recently released an edition Technofish with Emil Nava. Along with other artists such as Steve Aoki, Sam Feldt, Kygo, ODESZA and so many more.
For the most premium place for NFT artwork, check out Nifty Gateway (Which is owned by the Winklevoss Twins)
IMPORTANT: Anything discussed or mentioned in our blogs is not to be taken as financial or investment advice and we highly encourage you to do your own research before making an investment decision.
If you received any value from our content be sure to let us know in the comment section below. If you could like us to write about anything else you find interesting leave us a comment below.