Non Fungible Tokens (NFTs)
Suppose a person decides to buy a digital artwork of great value. He wants the creation to be his only when he pays for it. That is, it should not have fake copies. Being a digital creation, it is easy to create fakes. There is a system in the digital world to help him. That is NFT. Its full form is Non Fungible Token. It is an unforgeable digital token. That is, the first said person converts the artwork into NFT form. He don't want to be afraid of fakes later. Both our regular currency and cryptocurrency are fungible. That means we can exchange and exchange them. However, NFT cannot be transferred or exchanged. It works through block chain technology. It encrypts the artist's signature. NFTs created using programs that create cryptocurrencies are not tradable, but they have a market value. Artwork, music, and games are commonly sold as NFTs. Since their ownership is recorded by the block chain, counterfeiters cannot be created. The owner can transfer and sell it. NFT can be created by anyone. Just need to know a little bit of coding. The NFT market boomed in FY 2020 – 2021. NFTs are one of the reasons why computer giants are attracted to the Metaverse. NFT has been chosen as the word of the year 2021 by Collins Dictionary. The definition given is 'A unique digital certificate registered in a blockchain, that is used to record ownership of an asset such as an artwork or a collectible'.
NFT Crypto Art
The first NFT artwork was created in May 2014. Its name is Quantum. It is an eight-sided image made of pixels. Kevin McCoy and Anil Dash are creators of Quantum.
NFT House
Krista Kim, a Canadian digital artist, felt like building a digital house when she was locked at home due to the Covid pandemic. He converted the 3D house thus made into an NFT. Named Mars House. It is the first NFT house in the world. Krista Kim listed this home for sale in March 2021. Trading was done using the crypto currency Ethereum. Mars House was sold for 288 Ethereum. How much is it worth? Almost four crore rupees! Experts say that Mars House indicates the arrival of the next generation of NFTs. And it opens up the potential of the virtual real estate market in the Metaverse.
NFT Public Sale
It is said that NFT is mostly used in works of art. The world's first NFT art auction took place on March 11, 2021. A painting by a not-so-famous artist named Beeple sold for a staggering price at the time. For over Rs 550 crore! This sale made him one of the most valuable painters in the world. This shows the possibility of trading artefacts that could take place in the Metaverse in the future.
Tweet for sale!
Jack Dorsey, co-founder and first CEO of Twitter, converted the first published tweet into an NFT. The message was 'Just set up my twttr'. It was sold for around Rs 23 Crores! This tweet, published on March 21, 2006, was auctioned on March 24, 2021.