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NFTs have been around since 2014, but they have only recently become a mainstream topic of discussion. Being a fan of emerging technologies, I wanted to be a part of the excitement, but I also knew I needed to do my due diligence before jumping right in.Â
While doing my research, I found that NFTs are way more popular than I thought! From celebrities to school teachers, NFTs have become a highly sought-after commodity. In 2020, Jack Dorsey, co-founder of the social media platform Twitter, sold the NFT of his first-ever tweet for 2.9 million dollars. In 2021, a digital piece by the artist known as Beeple sold for 69 million dollars.Â
NFTs are making people a lot of money, and they are paving the way for more advances in technology and business. Non-Fungible Films is one such company that has taken NFTs to the next level. NFF is an entertainment studio hyper-focused on bridging Web3 and mainstream media platforms.
Creators of the NFF Membership Pass, NFFilms offer exclusive access to pre-sales of all Non-Fungible Film Collections, including Oscar Haley and the Great Beyond. This exciting production will follow brothers Oscar and Alex as they journey through the Multi-Metaverse: The Great Beyond. They will meet characters from various popular NFT collections, including the Non-Fungible Heroes and Bored Ape Yacht Club.
With businesses and artists everywhere hopping on the NFT bandwagon, the rising popularity has many people asking, what is an NFT?
What is a Non-fungible Token?
NFT is an acronym for non-fungible token. Non-fungible items are considered to be one of a kind and cannot be traded for another of equal value. Although similar, NFTs are not the same as cryptocurrencies like Bitcoin and Ethereum.Â
A cryptocurrency is a digital form of money used to make purchases through secure transactions. An NFT is a token of ownership. It is a digital asset that can be bought or sold online. Every transaction is recorded publicly on the internet is called the Blockchain.
Blockchain is a system in which a ledger of transactions made in cryptocurrency is monitored and verified across several computers linked together in a public network. Each of these transactions is recorded as a “block” and transmits across the entire grid.Â
The block contains pertinent data, such as who owns the NFT and who sold it. It also includes information on the blocks created before and after, linking them into a chain. This makes a secure, unalterable blockchain used to verify its authenticity.
With public access to Blockchain, fraud is easily detectable. If one user’s blockchain copy should differ from everyone else’s version, it is most definitely an imposter.Â
What Are Some Examples of NFTs?
Fungible goods are considered uniform and can’t be distinguished from one another. Let me give you an example of what I mean. If I went online and ordered a pair of black jeans, they would be considered a fungible item. Why? Because they can be replaced with an identical pair of black jeans with no distinctive qualities.
This same concept applies to NFTs. Each NFT is unique and cannot be replicated, making it a non-fungible item. Digital assets such as video and audio clips, photos, artwork, and more can all be NFTs. NFTs can also represent real-world tangible objects. Owning an NFT gives you exclusively to the rights of the piece.Â
Creatives using NFTs transfer over the copyright during the purchase but can also retain the copyright themselves as well as the original piece. Are you an artist looking to connect directly with your audience? Tokenize your artwork and auction them on marketplaces such as OpenSea.
Why are NFTs so Popular?
NFT collecting has gained the attention of many, including actors, musicians, and artists alike. Paris Hilton and Jimmy Fallon are just a few of Hollywood’s brightest stars getting into the NFT game. The Bored Ape Yacht Club, better known as BAYC, is one of the most infamous NFT collections to hit the market yet. The BAYC collection is a set of 10,000 avatar apes, all designed to be used as profile pictures.Â
Originally introduced at $200 apiece, the cheapest Ape now goes for $300,000. Your Bored Ape NFT is also your Yacht Club membership card which grants access to members-only perks unlocked in the community. Not only do you get to sport your Bored Ape profile pic, but you belong to a private group consisting of high-profile individuals.Â
With the crypto craze and growing popularity among celebrities, it is easy to grasp why NFTs are considered to be so valuable. Many people are attracted to NFTs because they offer the chance to own something truly novel. Tons of different tokens exist, each one exclusive, leaving folks of all walks of life the opportunity to own a rare piece of history.Â
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.