In contrast to "fungible" assets like Bitcoin and cash, which all have the same value, NFTs (or "non-fungible tokens") are a unique class of cryptoassets, with each token being worth a different amount. Since each NFT is distinct, they can be used to prove who is the rightful owner of digital assets like music, artwork, recordings, virtual homes, and even pets.
A 10-second video created by the artist Beeple was sold online for $6.6 million in February 2021.
The Wisconsin-based artist, whose real name is Mike Winkelmann, also revealed at the same time that
Christie's would be selling a collage of 5,000 "all-digital" works.
It was put up for virtual auction with a starting bid of $100, and on March 11 it fetched an astounding $69 million.
In addition to the expensive prices, there was another detail that fascinated observers. Collectors who purchase Beeples do not receive any tangible representations of the artwork in exchange for their money. Not even an art print in a frame. What they do receive is an NFT, or non-fungible token, a type of cryptocurrency asset that is becoming more and more common.
Each Beeple piece comes with a special NFT token proving that the owner's copy is the genuine article. Noah Davis, a specialist in contemporary art at Christie's, told Reuters, "We are in a very uncharted territory." "We had more than a hundred bids from 21 bidders in the first 10 minutes of the auction, and we were at a million dollars."
You can think of NFTs as being kind of like certificates of authenticity for digital artifacts. They’re currently being used to sell a huge range of virtual collectibles, including:
NFTs have risen along with the popularity of Bitcoin and other cryptocurrencies over the past year,
expected to reach $338 million in 2020. Any interested party can follow the creation, sale, and resale of
each NFT because they are all stored on an open blockchain, frequently Ethereum's. NFTs can be set up so that
the original artist continues to receive a percentage of all subsequent sales because they make use of smart contract technology.
Where do you buy or sell NFTs?
Digital-artwork NFTs are mostly sold on specialized marketplaces like Trustx Online Limited, Zora, Rarible, and Opensea.
Trustx Online Limited NFT is a peer-to-peer marketplace that makes minting, purchasing, showcasing, and discovering NFTs easier than ever.
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Where do you buy or sell NFTs?
Some buy virtual real estate (via NFT, of course) in which they’re able to build virtual galleries or museums.
Buying and Selling — much like any other asset class.
(The collector who sold the $6.9 million Beeple paid less than $70,000 for it in October 2020).
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What can you do with NFTs Once you buy them?
Some buy virtual real estate (via NFT, of course) in which they’re able to build virtual galleries or museums.
Buying and Selling much like any other asset class. (The collector who
sold the $6.9 million Beeple paid less than $70,000 for it in October 2020).
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