The phenomenal growth of cryptocurrencies has ushered in an era of opportunity. And an irreplaceable token, NFT, is at the forefront of this new technology
The phenomenal growth of cryptocurrencies has ushered in an era of opportunity. And an irreplaceable token, NFT, is at the forefront of this new technology. From art to music, pixel art to toilet paper, these digital assets literally sell like hotcakes, with some selling for millions of dollars. The core of this obsession with NFT is uniqueness. That is, it cannot be replaced. For example, Bitcoin is not an NFT. However, a unique piece of art is irreplaceable. Cannot be replaced. If you switch to a different job, it will be a completely different job. What is NFT? The word "irreplaceable" means unique. NFTs are digital assets that are tangible objects such as music, art, digital avatars or images, videos, or other collectibles, but cannot be reproduced. They work on blockchain technology. NFTs are often sold online in exchange for cryptocurrency and are encrypted. They are from 2014, but there is a forest.
If all NFT funds are intangible digital assets, why are people spending millions on them? It costs a lot of money because NFT allows the buyer to own the original. It also includes an embedded certificate that serves as proof of ownership for the purchaser. Most collectors value these “digital rights” more than the objects themselves.
NFT vs CRYPTOCURRENCY
NFTs are created using the same technology as cryptocurrencies like Bitcoin or Ethereum, but that's where the similarities end. Cryptocurrencies can be traded on a par with each other. This means that one rupee will always be worth another rupee, and one bitcoin will always be worth another rupee, regardless of price fluctuations compared to other similar currencies. NFTs are different. Every virtual asset (NFT) has a digitally signed, cryptographically impossible copy.