Non-Fungible Tokens, commonly known as NFTs, have taken over the digital world. The storm that started with Beeple’s Everydays selling for $69 million shows no chance of settling down. We recently saw Bored Ape Yacht NFTs sell for fortunes, and the interest in them keeps on incrementing. Even though NFT Crypto has become so mainstream, there are still some of us who have no clue about it. Fortunately, we understand this, and we are here to assist you in learning about NFT Crypto. And if you feel like it, we will also guide you to safe digital art NFTs investments.
Let us now see what all the hype is about!
We would love to introduce ourselves to you, but first, let us take care of something even more crucial. Let us learn what NFTs are and why their sales are booming these days.
Think of traditional currency first. You can trade a dollar note for a dollar note, and you will return with the same thing. Hence, it is fungible. However, non-fungible tokens are unique. For instance, if you trade a trading card with another one, you will have something different.
NFT Crypto works on blockchain technology, mostly Ethereum blockchain. You might have heard of, Ethereum (Eth), a cryptocurrency most popularly used for NFT transactions. What you might not know, however, is that Ethereum is also the blockchain that hosts most of the NFTs. There are some others as well which work with NFTs, but it is the most well-known. And apart from Ethereum, Bitcoin and some other cryptocurrencies can also work to buy crypto artists’ or creators’ artwork. Several cryptocurrencies work on ERC standards. ERC standards such as ERC-20 and 21 regulate the transactions.
You can think of NFTs as unique digital assets, and as you know, assets can include anything. Although the most common example of NFT Crypto is the digital art NFTs, anything can be sold as an NFT. Beeple’s Everydays was just one of the many NFTs sold at Christie’s auction. Some of the others include Andy Warhols 1980s digital art collectibles.
Artwork is one thing; you would be surprised to hear the news that Jack Dorsey sold his first tweet for a whopping $2.9 million (1,630.58 Ethereum). And more interestingly, the singer Grimes made $6 million from the sales of NFTs. Apart from these, even a video, image, or meme can be sold as a Non-Fungible Token. It is quite a fascinating world we live in today, and it would be better to understand it better sooner than late.
Before moving onwards, you should also know where you can buy NFTs. Apart from Christie’s, there are numerous NFT marketplaces. Users can buy and claim the ownership of these digital assets for a fixed price or bid on them in an auction. The best marketplaces include Nifty Gateway, OpenSea, and NBA Top Shot Marketplace. Keep in mind that a Crypto and NFT platform can use different blockchains (Ethereum based platforms are one of the most used and best ones)
With the start of the golden time of cryptocurrency, tokens, and NFTs, it has also now bought in the gaming market in this fast-growing virtual universe. Different projects and platforms have introduced unique games. These NFT game projects work differently. The working model for most of them is to buy, sell, swap, trade different in-game items, just like the trading cards. These collectible items can vary in their worth, rarity, and utility.
Another popular model is the play-to-earn model. The best example of a play-to-earn game is Axie Infinity. By playing and completing tasks, users can earn Smooth Love Potion (SLP) i.e. a fungible ERC-20 token.
You might be wondering what exactly makes the NFT market worth so much? As mentioned, NFT is a unique digital asset. It means a unique token generates on a blockchain for each digital asset. A blockchain is simply a decentralized network of computers containing a secure ledger of transactions. This network is responsible for the security of the data on the blockchain.
Due to the decentralized nature of blockchains, this token cannot be altered. When creators create an NFT, it will also create a unique token for the NFT. In other words, the NFT is the token created for the digital asset. This decentralized blockchain keeps the token secure. Therefore, no one can compromise the ownership of NFTs.
This security and the added rarity of some NFTs makes them worth so much. Like traditional artwork, the rarity and uniqueness of the piece fetch more money. Creator or artist’s reputation can also become an essential factor in deciding the worth of the digital asset.
We are trying to teach you about the art of NFTs, and we believe it would be better if you had a real insight into us. Coming from different backgrounds and contrasting thought processes, we merge on a similar vision – we live for creativity. Despite our different views towards art, we have a collective experience of 120+ years in digital and physical art. And these different experiences have formed our strong bonding with art.
We at Yo-4rt, are a team of shadow artists and creators who are proud to call themselves 4rtian Pride. By stepping into the NFT Crypto realm, we hope to strengthen our Pride by including you in it. You might know that we have our unique NFT collections, but as you know, we are artists at heart. And it would not be fair to our artistic vision if we did not guide you properly about this new endeavor in the digital art world.
Without further ado, let us tell you that we have stepped into the Non-Fungible Token realm, and we hope to make our mark in it. But we will not do it alone – you will stand beside us. We hope to take you through the learning process of NFTs and teach you how to invest safely in them. Not only that, we will try to answer all your questions along the way.
But before we teach you about NFTs, let us address one of the pressing concerns regarding NFT Crypto.
Some people believe that NFTs are just a bubble of hype, just like the Dot Com bubble back in the day. But what they do not see is that it is not just a culmination of events; it is the revolution of the web as we know it. What we experience today will set the foundation of the digital platform that is yet to come: Metaverse. And for those of you who want to understand this innovative technology, we will be covering each topic in detail.
We know you have many more questions you want us to answer about the NFT Crypto sales and blockchain technology, in general. Rest assured, we will keep you beside us as we progress through the NFT market. And we will help you make the best buy choices with the cryptocurrency in your wallet. In the meantime, you should check out our NFT collection and let us know what you think about it.