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What is an NFT? Explained

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As NFTs pushed back the boundaries of the marketplace in multidisciplinary fields over the past two years, providing a unique platform for artists who crave to exhibit their work, we felt the urge to delve into the world of NFT and clarify it for you on our Youtube channel. Hope you will enjoy the video above.

So, What is NFT?

NFT, which stands for “Non-fungible token,” are digital assets that are non-replaceable. They can employ the concept of digital art, music, collectibles, virtual worlds, or new unexplored pieces. The Ethereum blockchain is home to most NFTs, supporting the ether (ETH) cryptocurrency and hundreds of decentralized applications.

The first NFT in history was developed by Kevin McCoy on May 3rd, 2014, when he released his non-fungible token “Quantum,” long before the crypto art market boomed. This is becoming an increasing trend as investors and collectors seek to participate. The legal ownership of the NFTs offered by just a click of a button proves the strong desire of individuals recently to own one. Indeed, the distinct aspects of NFT have penetrated various facets of technology, including VR and AR, giving the owner the ability to explore the digital file.

As an outstanding example to mention, Beeple, also known as Mike Winkelmann, sold the most expensive NFT for $69 million at a Christie’s online auction, reported by New York Times. The NFT was a collage of 5000 pieces of his work, with one piece of art created every day, resulting in a single JPG file called “Everydays — The First 5000 Days.”

NFT
Beeple, Everydays – The First 5000 Days NFT – courtesy of the Christie’s.

With the ever-rising demand for NFTs, these digital assets are also ushering in a new phase of the digital world known as the Metaverse, which comprises digital 3D universes containing a variety of aspects such as communications, money, game worlds, personal profiles, and more.

Whether Nft is becoming an inseparable part of our lives, expanding our horizons into unexplored virtual realms and digital ownerships is necessary rather than a facility remains a moot point. So, let us take a wait-and-see approach to where the future of  NFT goes.

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