nft: NFT craze explained: What is it, why is it so popular and how to they work

NEW DELHI cricketer Yuvraj Singh launched his Non-Fungible Token Collection (NFT) on Monday in partnership with Colexion, a digital collectible website to share some of the best moments of his career with his fans. A hot air balloon was launched from earth to orbit that carried Yuvraj Singh’s iconic bat, which he used to record his very first century in the 2003 ODI match against Bangladesh in Dhaka. So far, people have spent more than $ 9 billion on NFT sales and total sales are expected to reach $ 17.7 billion by the end of the year, according to a new study from Cointelegraph.
The NFT contains a 3D version of the cricketer as well as his signed 1st century bat to make available to his fans. Colexion is also creating a one-of-a-kind virtual NFT museum for all of Yuvraj’s NFTs where his fans can be a part of his life’s journey. Yuvraj is one of the many Indian celebrities taking advantage of the growing interest in these digital assets.
But why are NFTs so popular?
Non-fungible tokens are unique digital assets, or collectibles, created using blockchain. The blockchain, also used by cryptocurrencies such as bitcoin, creates a permanent, time-stamped and publicly accessible record of decentralized data.
NFTs, also known as owls, represent real-world objects like art, music, game objects, and videos. They are bought and sold online, mostly with cryptocurrency, and they are typically encoded with the same underlying software as many cryptos. NFTs are typically purchased with Ether cryptocurrency or dollars and the blockchain keeps a record of the transactions. While anyone can see the NFTs, the buyer has the status of the official owner – a kind of digital bragging rights.
What can you do with an NFT?
NFTs allow people to prove ownership of digital assets. Owners can also schedule royalties for themselves in the metadata before they sell, to receive a percentage of future sales.
And copy and paste?
No matter how many times something is copied, the current ownership of the original file will always be provable. Like everyone else, exposure can potentially increase the value of the property.
What is fungible?
Anything that you can trade with the exact same value, like cash.
What is non-fungible?
A fungible asset is something with units that can be easily traded – like money. For example, exchanging one Rs 20 for two Rs 10 notes without losing value. Non-fungible is an economical term you could use to describe things like your furniture, a song file, a painting, or a house. These things are not interchangeable for other items as they have unique properties. Although a painting can be copied or photographed, the original remains the original and replicas do not have the same value.
Thus, NFTs represent the ownership of unique items such as works of art, collectibles and even real estate. They can only have one official owner at a time and they are secured by the Ethereum blockchain – no one can change the ownership record or copy / paste a new NFT.
How is it different from cryptocurrency?
Unlike cryptocurrencies, which can be traded with each other, NFT is unique and cannot be traded with any other item. Also this: Bitcoin can be broken down into smaller units, but NFTs cannot be broken down and exist as a whole.
How do NFTs work?
Most NFTs are created and stored on the Ethereum network. The NFT property can be traced and verified while the token owner can continue to maintain their alias.
“An NFT can only have one owner at a time. Ownership is managed through unique identifier and metadata that no other token can replicate. NFTs are issued through smart contracts that assign ownership and manage the portability of NFTs. When someone creates or issues an NFT, they execute code stored in smart contracts that conform to different standards, such as ERC-721. This information is added to the blockchain where the NFT is managed. The typing process, from a high level, has the following steps that it goes through: Creating a new block, looking up information and saving information in the blockchain, ”explains a blog post on etherum.org.
Thus, symbolic works of art come with a unique digital ownership certificate that can be sold or purchased online. As it is stored in the blockchain, it is transparent and cannot be copied or stolen.
What can NFTs be used on?
Any digital content, such as art, videos, game articles, Gifs, avatars, music, tweets, domain names.
What’s not to love about NFTs?
The significant carbon footprint generated by the computing power required by blockchains.
The current high prices for owls may well be a bubble.
Why own something that anyone else can have?
What are post-popular NFTs?
NFTs exist for all kinds of videos, music, text, art, and even tweets. Art has had some of the highest sales in sports, with fans collecting and trading NFTs for a particular player or team. For example, you can buy NFTs in the form of video summaries of gaming moments. While these highlights can be seen for free, people buy the status of owning a particular NFT, which is unique due to the digital signature.
On February 19, 2021, an animated Gif of Nyan Cat – a 2011 meme of a flying pop-tart cat – sold for over $ 500,000, while Christie’s sale of an NFT by the artist digital Beeple for $ 69 million set a new record for digital art.
In March, an NFT digital artwork titled “Everydays: the first 5,000 days” sold for $ 69.3 million.
Jack Dorsey, founder of Twitter, sold NFT for his first Tweet for $ 2.9 million
The NFT of the popular ‘Charlie Bit Me’ video of a baby biting his brother’s finger sold for around $ 761,000 in May
A New York Times columnist sold an NFT-compatible article for $ 563,000.
What is going on in India?
In 2021, several Bollywood and sports celebrities launched NFTs.
In September 2021, Amitabh Bachchan becomes the first Bollywood actor to launch his own NFTs with BeyondLife. club where Bachchan’s Madhushala poem recital sold for $ 7,556,000 and physical posters of Sholay and other films he personally autographed were sold for $ 94,052.
BollyCoin backed by actor Salman Khan, a Bollywood-based non-fungible token (NFT) platform, is launching digital collectibles from the Dabangg franchise on December 30. The collections will include clips, posters and still images.
In July, Diginoor.io, a Singapore-based NFT marketplace, made a pact with movie production company AVM Studios to launch NFT movie collectibles from Rajinikanth star “Sivaji: The Boss ”. Seventeen NFTs from the film were sold.
In August, the NFT Rario platform launched a cricket-based digital collectibles platform with former Indian cricketer Zaheer Khan. Cricketer Rishabh Pant has also signed with Rario. Panting together will allow Rario to create exclusive digital collectibles of iconic Pant moments on and off the pitch. Cricketer Dinesh Karthik auctioned off a digital art reel of a match where he hit a winning six on the last ball for around 5 ethereums /
FDCI x Lakme Fashion Week has partnered with WazirX NFT Marketplace for fashion NFTs. In October, designer Manish Malhotra sold NFTs of digital sketches of some of his most famous designs for $ 4,000 each. The remaining coins sold for between $ 2,054 and $ 2,535 within two minutes of the start of the sale.
Pop icon Ritviz and visual artist Santanu Hazarika sold their collaboration for $ 391.80 on WazirX’s NFT Marketplace within 10 seconds of going live.
In November, actor Sunny Leone’s NFT collection was “sold and hit,” NFT platform Mintdropz tweeted.
In November 2021, superstar Kamal Haasan said he was joining the NFT space with his own collections. The actor, through Lotus Media Entertainment, has partnered with a digital collectibles platform called Fantico to launch his NFT series.
Earlier this month, premium tea company Vahdam India gifted a personalized NFT to Parag Agarwal, the new CEO of Twitter. The NFT has been listed on the OpenSea market platform and features Agarwal sipping tea in his office as he soaks up the momentous day in his life which is now celebrated by Indians around the world. “This is a proud moment for all of us here in India. As CEO of a local Indian brand, Parag’s success is not only exciting but personal,” Bala Sarda, Founder and CEO of Vahdam India.
With contributions from AFP

.

She was moved by violence in Richmond. So she turned to art

She was moved by violence in Richmond. So she turned to art

Overworked doctors turn to fine art to manage stress

Overworked doctors turn to fine art to manage stress