What is NFT

What are NFT, Non-Fungible Tokens

What is NFT: A Non-Fungible Token, or NFT, is a type of account that makes a digital impression of any unique asset. Paintings, images, films, music, gifs - in short, anything that claims to be unique in some way - can all be included. They are highly valued by collectors, gamers, and art enthusiasts, and are purchased and sold at auctions.

These same tokens are stored in the so-called blockchain - a huge chain of blocks, each of which contains information. Unlike, for example, servers, where data is stored in one place, these blocks can be located on many devices in various parts of the world.

This kind of encryption makes the blockchain very difficult to hack because at best you will be able to hack just one block of information, and not the entire chain. That is why the blockchain is used by the majority of cryptocurrencies.

More the article What is NFT, A token is just a record in one of the blocks, and, as a rule, there can be a lot of such records of the same type. For example, each bitcoin is an exact copy of another such bitcoin, which makes it possible to compare them with a currency.

But what if you need to create a unique token that has no analogs? The answer is NFTs.

The main value of NFT is exclusivity

An NFT token is a means of transferring one-of-a-kind goods from the physical world to the blockchain. These tokens are all one-of-a-kind, inseparable, and exist just once. Furthermore, the blockchain stores all of the relevant information about it in a safe manner. 

Uniqueness may vary. So, the very first SMS was sold for 150 thousand dollars, and the first tweet of the founder of Twitter, Jack Dorsey, went for almost 3 million. After that, other stars began to look at the NFT.

When did they appear

Blockchain and cryptocurrencies have been around for years, but it was NFTs that appeared just a few years ago. In many ways, they owe their popularity to the game CryptoKitties, where you need to grow and breed virtual crypto cats. Hundreds of thousands of dollars can be spent on one of these kittens.

An important role was played by the connection of NFTs with cryptocurrencies, as well as by the fact that during the pandemic, many new non-professional players appeared on the stock markets who want to make money.

But the biggest influence on the popularity of these tokens was played by big names that actively stir up interest in the topic. Every day you can read the news about how another celebrity sold something in the NFT for a huge amount of money. It is one thing when NFTs are talked about in narrow cryptographic circles, and quite another when such information giants as Elon Musk, Jack Dorsey, Mark Zuckerberg, and others come into play. 

Where Apply NFT

In this article What is NFT, Although, as planned, NFT tokens were created as an opportunity for digital content creators to earn money on collectors, gamers, and simply art connoisseurs, now the main direction is monetization of popularity.

The prototypes of NFTs were colored bitcoins that worked similarly.

For example, Elon Musk, the founder of Tesla, auctioned his NFT tweet for $1 million. In the end, it was never sold, but received a lot of attention from the online media.

In Russia, too, you can find many examples. Thus, comedian Idrak Mirzalizade, who was deported from the country for a bad joke, put up for auction his canceled residence permit, noting that he would return and the price for it would increase.

What is NFT, Pokras Lampas was one of the first artists who started selling his paintings in the form of tokens - his painting Transition, which he designed for the Chirkeyskaya HPP, sold for 2 million rubles.

For a long time, the $70 million records were held by the work of digital artist Mike Winkelman in the form of a collaboration of all his paintings over the past 5,000 days.

Sasha was instantly inspired by the price of the artwork and decided to upload his collection of selfies to one of the internet sites. Our hero was astute enough to see the worth of his work, so he placed symbolic money next to each photograph.

And in the case when a certain amount is needed right here and now, it would be best to take a loan. Calculate the amount on the calculator and fill out an application at Sovcombank.

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