The Non-Fungible Token (NFT) is a special type of token of the cryptocurrency market. The most important feature that makes it special is that there is no other like it. so it is unique. Non-Fungible Tokens (NFTs) maintain their presence in the market using blockchain technology. Its production is carried out within Ethereum token production standards. Its use is present and widespread in areas such as real estate trading, collectors, purchasing virtual game content, and pets.
The ever-renewing technology of the digital world continues to rapidly change the old-fashioned shopping style. The sales of digital products in a very wide area on digital platforms have gained a high momentum. Now, for most of us, it is much more practical to shop for digital products from the couch, using the positive benefits of technology.
In addition, the products sought in digital environments are much more in terms of quantity and their transportation can be made much faster. The use of Non-Fungible Token (NFT) has increased rapidly since 2017, and over $174 million has been spent on it in this process. As it is known, the balance of supply and demand plays a major role in determining the price of that asset in all assets that have value. In this context, determining the price of Non-Fungible Tokens (NFT) depends on supply and demand.
In addition to all these, since NFTs are unique, each of the products offered for sale is considered a collector’s item. For this reason, it has a very high value. In the new democratizing approach of the digital world, world-famous names also find it attractive to invest in NFT. Eminem was the latest to join the NFT investment caravan. Eminem, who bought NFT worth $ 450 thousand (123.45 Ethereum), has certified his digital assets.
What Is Non-Fungible Token (NFT) The Non-fungible token (NFT) is the safe, fast, and flawless execution of the virtual trade that will take place between the parties on the blockchain, of digital collection assets on digital platforms. Because with this method, an intangible asset can be verified and it is a simplified form of exchange in terms of trade. Non Fungible Tokens (NFT), which support the most important coins of the crypto money market such as Ethereum or Bitcoin, operate on the blockchain, which is considered as a digital database covering the entire coin transactions. Some basic features of NFT are as follows. As an example of these statements, we would like to share this story with you; There was a 10-second video posted on the internet in February of 2021. This video belonged to an artist named Beeple.
This video, which is as short as 10 seconds, was sold on the internet for 6.6 million dollars. Yes, you heard right, the 10-second video sold for exactly 6.6 million dollars. Another artist, by his stage name Christie’s real name Mike Winkelmann, is from the state of Wisconsin in the United States. The aforementioned artist announced the sale of a collage of his own works. The collage he offered for sale attracted a lot of attention, because it was entirely from his own works and was completely digital. A virtual auction was held and the sale price was opened at $100 while this collage was placed on the auction block. When the collage was sold, the selling price was exactly $69 million. It is fascinating that such digital products are being sold for such high amounts in the virtual environment. But the selling prices of the products are not the only fascinating part.
When observers examine, for example, collectors who buy Beeples, they do not take the product they buy as any tangible item. Well; they have no physical presence. So what exactly do they get in exchange for giving such large sums of money in digital environments? The answer is not a secret; They are embezzling a crypto asset that is growing in popularity and attracting all the attention. This crypto asset is called a Non-Fungible Token. Nicknamed Value (NFT) So the main issue we need to understand here is: Each of Beeple’s revealed artifacts is paired with a Non-Fungible Token (NFT). This makes it unique. The statements made by Reuters, a contemporary art expert, Noah Davis, regarding Christie’s virtual auction, were striking. “While only 10 minutes have passed since the start of the tender, we received maybe over 100 offers regarding the digital product put up for sale from 21 people in the tender, and by the time we were receiving these offers, the product sales had already reached $1 million.” Source: https://learn.koinal.io/what-are-nfts-and-why-are-some-worth-millions
The Non-Fungible Token (NFT) is a special type of token of the cryptocurrency market. The most important feature that makes it special is that there is no other like it. so it is unique. Non-Fungible Tokens (NFTs) maintain their presence in the market using blockchain technology. Its production is carried out within Ethereum token production standards. Its use is present and widespread in areas such as real estate trading, collectors, purchasing virtual game content, and pets.
The ever-renewing technology of the digital world continues to rapidly change the old-fashioned shopping style. The sales of digital products in a very wide area on digital platforms have gained a high momentum.
Now, for most of us, it is much more practical to shop for digital products from the couch, using the positive benefits of technology. In addition, the products sought in digital environments are much more in terms of quantity and their transportation can be made much faster.
The use of Non-Fungible Token (NFT) has increased rapidly since 2017, and over $174 million has been spent on it in this process.
As it is known, the balance of supply and demand plays a major role in determining the price of that asset in all assets that have value. In this context, determining the price of Non-Fungible Tokens (NFT) depends on supply and demand.
In addition to all these, since NFTs are unique, each of the products offered for sale is considered a collector’s item. For this reason, it has a very high value.
In the new democratizing approach of the digital world, world-famous names also find it attractive to invest in NFT. Eminem was the latest to join the NFT investment caravan. Eminem, who bought NFT worth $ 450 thousand (123.45 Ethereum), has certified his digital assets.
What Is Non-Fungible Token (NFT)
The Non-fungible token (NFT) is the safe, fast, and flawless execution of the virtual trade that will take place between the parties on the blockchain, of digital collection assets on digital platforms. Because with this method, an intangible asset can be verified and it is a simplified form of exchange in terms of trade.
Non Fungible Tokens (NFT), which support the most important coins of the crypto money market such as Ethereum or Bitcoin, operate on the blockchain, which is considered as a digital database covering the entire coin transactions.
Some basic features of NFT are as follows. As an example of these statements, we would like to share this story with you; There was a 10-second video posted on the internet in February of 2021. This video belonged to an artist named Beeple. This video, which is as short as 10 seconds, was sold on the internet for 6.6 million dollars. Yes, you heard right, the 10-second video sold for exactly 6.6 million dollars.
Another artist, by his stage name Christie’s real name Mike Winkelmann, is from the state of Wisconsin in the United States. The aforementioned artist announced the sale of a collage of his own works. The collage he offered for sale attracted a lot of attention, because it was entirely from his own works and was completely digital. A virtual auction was held and the sale price was opened at $100 while this collage was placed on the auction block. When the collage was sold, the selling price was exactly $69 million.
It is fascinating that such digital products are being sold for such high amounts in the virtual environment. But the selling prices of the products are not the only fascinating part. When observers examine, for example, collectors who buy Beeples, they do not take the product they buy as any tangible item. Well; they have no physical presence. So what exactly do they get in exchange for giving such large sums of money in digital environments?
The answer is not a secret; They are embezzling a crypto asset that is growing in popularity and attracting all the attention. This crypto asset is called a Non-Fungible Token. Nicknamed Value (NFT)
So the main issue we need to understand here is: Each of Beeple’s revealed artifacts is paired with a Non-Fungible Token (NFT). This makes it unique.
The statements made by Reuters, a contemporary art expert, Noah Davis, regarding Christie’s virtual auction, were striking. “While only 10 minutes have passed since the start of the tender, we received maybe over 100 offers regarding the digital product put up for sale from 21 people in the tender, and by the time we were receiving these offers, the product sales had already reached $1 million.”
Source: https://learn.koinal.io/what-are-nfts-and-why-are-some-worth-millions
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