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By Boopathi Krishnan
Let's understand the concept: what is NFT?
A simple search on Google “what are NFT tokens” will immediately give you a million pages where you will read the standard: “this is a non-fungible token, a non-fungible token that works in the blockchain system.”
 A specific NFT cannot be exchanged for another token and cannot be split into pieces. For a better understanding, let’s draw a parallel with currency: any Bitcoin can be replaced by another Bitcoin, any dollar can be exchanged for cents. This is not possible with NFTs.
An NFT is a certificate that gives the owner the right to own a digital object, be it a picture, song, GIF or video in NFT format, various elements of video games, and even works of art.
With the growing demand for NFT tokens, NFT marketplaces have emerged - trading platforms for buying/selling digital objects. The largest and most famous NFT marketplace is OpenSea, opened in 2017. In January 2022, OpenSea broke a record for trading volume, exceeding $3.5 billion.
But you can also buy NFTs on other platforms: Rarible, Niftygateway and SuperRare.
All trading transactions take place in the Ethereum cryptocurrency and each marketplace charges its own commission for transactions. In addition, these platforms are needed to create an NFT token.
NFT tokens - a list of amazing examples
When purchasing an NFT, its owner forever leaves his mark in the digital space and the fact of owning a unique object. Increased attention to tokens is observed among collectors or avid gamers who buy rare weapons or trading cards for video games.
The name of Mike Winkelmann will forever go down in NFT history. This is an artist also known as Beeple, who put the world's first NFT collage up for auction in March 2021 and sold it for $69.3 million. The piece is called "Every Day - the First 5000 Days."
You can easily recall other most sensational transactions in the NFT token market. Thus, the founder of Twitter sold his first tweet for $2.9 million, the American Times magazine sold its covers, Elon Musk recorded an NFT track, John Lennon’s son auctioned his father’s coat from the movie Help! for NFT tokens, and recently the actor Johnny Depp has announced his collection of NFT portraits, Never Fear Truth.
To be fair, we note that the NFT market includes not only the names of millionaires and the names of global brands. Not at all. This is an area of ​​unlimited possibilities. This is probably due to the hype around NFTs - a chance to either own something unique or earn millions.
The story of an Indonesian student who made a million on OpenSea by starting to sell his NFT selfies is inspiring. Sultan Gustav Al-Ghozali sold more than a thousand of his portraits.
The token market has become so broad that in 2022 the world will see the first NFT series - the sci-fi drama GenZeroes . Those wanting to watch a new release, purchase collectibles, or even take ownership of the show will need to purchase an NFT.
The NFT trend has reached Ukraine. Ukrainian rap artist alyona earned over 7 thousand dollars by selling her NFT track “Galas,” and the group “Okean Elzy” broke the song “Land of Children” into fragments and also sold them in the form of tokens. There was even such an amazing lot put up for sale as crypto chips from the artist from Ukraine Vasily Kolotusha.
The Future and Development Trends of NFTs
The world is just beginning to understand the topic of NFTs, and more and more specialists are showing interest and desire to understand what role cryptocurrency, blockchain and tokens will play in people's lives.
So far, the token market is expanding mainly due to collectors, but it is changing, and there are all the prerequisites that NFT tokens will soon become in demand in everyday life. For example, the uniqueness of tokens and the security of the blockchain system can lead to the transfer of documents, diplomas, contracts, etc. into the NFT format. Payment cards can also move into the NFT-plane and then it will become possible to make payments for goods and services.
Author Bio
Boopathi Krishnan is an executive of Marketing at Nft Marketplace Development. With 1+ years of experience in SEO and marketing, he loves talking about Blockchain, SEO, and NFTs.
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.