What are NFTs? | A Full Explanation Of Non-Fungible Tokens
The world of crypto has made significant strides in impacting the global economy in recent years, to the point where it feels like the industry is moving a million miles an hour. So fast, it’s easy to feel like you’re falling behind.
In fact, to even categorise cryptocurrency as an ‘industry’ is somewhat unjust, it’s a medium that is working towards overthrowing our everyday currency as we know it. Read our blog to find out exactly what cryptocurrency is, and what it’s all about.
In a nutshell, it’s turned into a big deal. However, with the hectic velocity of the markets and unpredictable nature of certain coins, the whole umbrella of cryptocurrency can often become a tad confusing. There is plenty of jargon and lingo to come to terms with, of which new terms are birthed every single day.
One recent phrase that has been making the headlines recently has been NFTs.
What are NFTs?
NFT stands for a non-fungible token, and they are an online asset that cannot be duplicated, meaning each NFT is unique and often rare.
Each asset is registered within a blockchain and they cannot be swapped for another NFT, differentiating them from a standard form of currency or even cryptocurrency.
Where can you buy NFTs?
There are plenty of online websites where you can buy NFTs, with the most popular being opensea.io. To buy an NFT or multiple, you will need to buy the cryptocurrency Ethereum. OpenSea include the conversion prices on their site from ordinary money to Ether.
Why are people buying NFTs?
In the most simplistic forms, NFTs have grown to become a desirable collectible, serving as an item of authentication, proving sole ownership over an individual item.
Just like cryptocurrency and Bitcoin, NFT is a digital medium that has experienced a huge market boom, with the global population continuing to shift towards the online world for every mean of life.
The prices of non-fungible tokens vary upon sellers, with prices dramatically rising in 2021. We’ve taken a further look into specific NFT prices below.
CryptoPunks
Admisdt the boom of NFT sales has also come the boom in digital art. Most specifically, CryptoPunks.
These tokens have recently soared in popularity and they are simply digitalised faces of fictional people. Just like in Minecraft forseay, they are all pixelated. To the naked eye, with all due respect, they really don’t look like much.
However, with there only being 10,000 in existence, the demand for the product as seen their market value skyrocket. At the time of writing, the average sale over the last twelve months for a CryptoPunk has been $17,125.