NFT - A Safer Asset of Cryptocurrency
Bitcoin brought a lot of potential in cryptocurrency. Bitcoin was the currency that started the cryptocurrency craze. Bitcoin brought the word to life like “Decentralized Network”, “Cryptocurrency”, “Crypto-Wallet” and “Blockchain”.
People who wanted the cryptocurrency to be perfect started finding problems with Bitcoin to offer more robust solutions. Bitcoin had flaws, so Ethereum came along promising to solve those problems. Many new concepts have been by-products of cryptocurrency. One of such new concepts in the crypto-world is NFT.
The first time NFTs were launched in Ethereum Blockchain was in 2015. When cryptocurrency started to become interesting to people, the concept of NFT started becoming popular. The NFTs on Ethereum Blockchain is like digital signatures that store valuable information, and they are considered assets in the crypto-world.
NFTs are not cryptocurrencies, so you cannot exchange them for some value. Cryptocurrencies can be replicated, but NFTs are unique and cannot be replicated.
But one positive thing about NFTs is they are safer from frauds. NFTs are safer and cannot be transacted, but they represent the identity of the people, property rights, etc. So for storing such valuable information, NFTs are useful.
There was a sensation in the market in 2017 when Cryptokitties came along. It was a game for buying, collecting and selling virtual cats. So, it was one kind of NFT.
In 2020, the NFT growth tripled with the value of $250 million. Now, the trend is shifting with the introduction of NFTs as people buy NFT at a higher price. NFTs are digital collectibles, and the sensation of NFTs is growing among crypto-enthusiasts.
NFTs – How safe are they?
Let us take an example of sculpture or painting. The originals will always be unique and irreplaceable, but so many copycats offer identical features in the market. The same happens in the digital world. Because the files are digital, there are chances that similar files can replace them.
So, what is the solution? The answer is simple – NFTs.
NFTs records cannot be replicated or forged by anyone because the record is not in a single place. Many computers in the world maintain it.
NFTs – Is it a bubble?
There are many NFTs that have been sold.
- Twitter found Jack Dorsey sold his first-ever tweet for $2.9 million.
- Everyday – The First 5000 Days sold for $69 million, the highest NFT ever sold.
- Crossroads was sold for $6.6 million on an online cryptocurrency market.
Much other digital art and collectible works are sold worldwide, and people pay a huge amount for such work in cryptocurrency.
So, does this mean that the NFTs are like bubbles that will burst? Not necessarily because there are buyers available to buy such collectibles. But because every digital crypto-NFTs are unique and not identical to anything else, it is difficult to say that the bubble will burst.
Crypto-NFTs can be bought from the websites like Opensea.io.
super rare is also a social network for NFTs.
Many other similar websites help you buy NFTs.
The open sea is the largest NFT marketplace out there.
So, keep yourself updated with the latest and exciting information about cryptocurrency with EVOL Network.
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