📷 Image Credit: CNN 👆
By: Rishi Iyengar
TL;DR NFTs are trending in the market with a chance for HUGE profits. This piece pictured above sold for $69.3 million.
Digital artwork that took 13 years to make sold for $69.3 Million. NFTs (Nonfungable Tokens) have made recent headlines. NFTs are starting to sell for vast amounts of money for what appears to be digital art and other digital objects. What is it? NFT art is digital art that has been verified using blockchain technology. The technology ensures that the piece is a one-of-a-kind original artwork that can be authenticated online. Digital artwork isn’t the only kind of NFT. Tweets are up for sale as NFT, as well as trading cards and other items how it works. By turning items into NFTs, the owner can use blockchain technology to make money every time the NFT is copied or traceably sent. Using blockchain technology, the pieces have proof of authenticity and originality. NFTs are not new. What is new is that the general population sees NFTs as a potential mainstream income-producing avenue.
The process of acquiring NFTs is still a bit tricky, requiring cryptocurrency, of which you will need multiple apps to download. The value of these NFT pieces is in the cryptocurrency that backs them, which are very technical, typically created using python coding language, taking a lot of skill and mastery to create. Overall we aren’t sure if this is the beginning of a big revolution with NFTs being used in cryptocurrencies or if this is just another fad in the world of crypto. Time will tell.
Written by: Sofia Christensen, Intern
Edited by: Lisa Knight, COO & Mentor