Whether you have a ₹2000 rupee note or 4 notes of ₹500 rupees, the value remains the same.
Similarly, if you own a BTC which has a value, it will be equivalent to another BTC. These types of assets are known as Fungible assets.
But what’s trending in the crypto market is that if you have an antique piece, anything rare across the globe, its ownership can be held by a token assigned to it.
This scenario is prominently known as NFT or Non-Fungible Token.
A Detailed View to NFT
According to economics, Non-fungible assets or collectibles are those units that can be brought by owning a token corresponding to the collectible. It could be a car, a mansion, or even rare paintings like the Monalisa.
NFTs are rare items or one-of-a-kind assets that can be bought and sold to anyone, anytime.
NFT consists of a rare piece of information that distinguishes it from others available in the world. These collectibles are tokenized to be bought and sold more efficiently that reduces the chances of fraud.
These can also be termed as those assets which don’t possess Fungible properties. You cannot exchange some car with the same asset having the same properties.
NFTs are a part of Ethereum Blockchain.
An Ethereum-based game, Cryptokitties, works on blockchain technology. In this game, a person can modify, groom, and make the kitties adorable or give them a lovely look and sell on online platforms against tokens. These cartoon characters are given a look that attracts the people who are interested in buying these.
The Advantages NFT Offers
- It symbolises evolution. This trend solved the complex equations in modern finance, which are sophisticated by digitalizing assets.
- It made the ownership super easy that now anyone who’s a die-hard fan of something can get the ownership with NFT.
- Even real-estate properties can be bought with NFT. This is done by tokenizing land at the seashore or an island. The tokens are identical and have special codes which make them unique.
- NFTs can also support identity management and be made accessible at several points. For example, a passport can be turned into an NFT to reflect your identity at every airport counter.
- It aids artists who wish to sell their artwork in digital form directly to anyone anywhere in the world.
How to Sell Your Artwork?
NFT has been a proven crypto trend of 2021. It had gone from $250 million to $389 million. That is around a 55% increase since 2020.
It’s really easy for anyone to create your artwork and sell it on a digital platform.
All you need to do is choose your Blockchain type to issue your NFT. Ethereum is a trusted and most preferred leading Blockchain service for NFT issuance.
There are also other blockchains that you can choose from. Some rising ones are Binance Smart Chain, Tron, EOS, Polkadot, etc.
Every Blockchain has its identical tokens and abides by the standards and rules.
Once you own, several NFT-centric platforms like Opensea, Rarible, and Mintable connect your wallet and upload your artwork, which will turn it into NFT. And in this way, you can sell your works and crafts online.
The craze of NFT is soaring like never before. Major brands and celebs are ready to sell their original non-fungible assets. Even the first tweet of Jack Dorsey, CEO of Twitter, was sold for $2.9 Million. From sneakers to games, everything is on a token system. This kind of evolution conflates every seller to every buyer. That was not possible some years back.