One abbreviation that has gained a lot of attention in the last couple of years, is NFT. The hype of these NFTs has been so big, and at one point it seemed as though it was all that was being talked about in social media.
First of all, let’s talk about what NFTs actually are. In a fast-changing industry like the one that NFTs are a part of it is important to stay up to date with the latest NFT news. By doing so you can find the newest trends and any upcoming major releases of NFTs that you might find interesting. The three letters in NFT stand for “non-fungible tokens” and are unique digital assets that are built on blockchain technology. Many associate blockchains with cryptocurrencies, but unlike traditional cryptocurrencies, which are interchangeable and can be easily exchanged for one another, NFTs are unique and cannot be replicated or replaced.
It can be compared to a signed record or a handmade sculpture. You can try to copy it, but it will never be the same. On the other hand, you can exchange one hundred dollar bill for another, and the value of it will remain the same, and you still own a hundred dollars. This makes them useful for representing and trading digital assets, such as artwork, collectibles, and other items that have inherent value and scarcity. The popularity of NFTs will likely make them the theme of many movies and TV series, documenting the huge growth of the phenomenon.
The value of NFTs
The fact that these digital assets are completely unique, and unlike anything else, has made many people interested in them, and it has driven the prices of some NFTs through the roof.
The most expensive NFT ever sold is “Everyday: The First 5000 Days” by the artist Beeple which is a collage of 5000 images created over the course of 5000 days. It was sold as an NFT for a whopping $69.3 million in March 2021. This sale set a new record for the most expensive NFT ever sold and highlights the growing popularity and value of NFTs.
How to buy an NFT
You might not be able to buy an NFT for $69.3 million, but there are many other NFTs out there for a much cheaper price that you might be interested in purchasing. To do so, you need to follow these steps.
- Choose a marketplace or platform that offers NFTs.
- Set up a cryptocurrency wallet that supports the type of cryptocurrency used by the NFT platform.
- Deposit funds into your wallet to be able to purchase them.
- Browse the available NFTs on the platform and choose the one you want to buy.
- Place a bid or buy the NFT directly. Most NFTs are sold through auctions, so you will need to place a bid to compete with other buyers.
- Confirm your purchase and wait for the transaction to be processed.
After this, you could be the proud owner of an NFT!