NFT stands for Non-Fungible Token. It acts as a digital certificate of authentication. The word fungible means the ability of an asset to be exchanged or substituted with a similar asset with the same value like the currency, a hundred Rupees can be exchanged for two fifty rupees.
On the other hand, a Non-fungible asset is something that can't be easily substituted for something similar. Think of it as a Picasso painting, its value cannot be the same as a poster of a similar painting.
Buying an NFT means purchasing public proof of ownership over a specific digital asset that makes it virtually impossible to steal because they are cryptocurrencies.
Unlike fungible cryptocurrencies like bitcoin, they are unique. They can contain information about who owns the asset and who sold it in a digital ledger. This scarcity drives up the price of the asset.
Currently, NFTs are applied to a wide range of assets like video games, digital art, logos, photos, animation, music, video clips, and more.
Most of the NFTs are part of Ethereum blockchain. Ethereum is a cryptocurrency like bitcoin or litecoin and its blockchain can store extra information that supports NFTs .
Some of the popular NFTs
- The Disaster girl meme:
The girl in the above picture is Zoe Roth. She recently sold the original image of "The Disaster Girl" meme for about half a million dollars.
- First tweet by Jack Dorsey:
Twitter CEO Jack Dorsey has sold his first tweet as an NFT for the weirdly specific figure of $2,915,835.47.
- Everydays: the First 5000 Days:
The picture in the title is digital art by Artist Beeple’s first 5,000 “Everydays” a series of digital drawings he had been creating since May 1, 2007.
This art was bought by a South Indian for about $69 million!! , holds the record for being the most expensive NFT to date. Do you think he's crazy or a fool to buy a jpeg image for such a high price, take a moment to listen to his story here .