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nfts, explained
NFTs may appear to be digital art, but they are so much more than that. The opportunities they offer are huge. So, what exactly are they?
NFT stands for ‘non-fungible token’. They are digital tokens which are a form of cryptocurrency, similar to Ethereum or Bitcoin. The main difference between NFTs and other cryptocurrencies is that they are completely unique and cannot be replaced or replicated.
Whereas Bitcoin is fungible – you can trade it for another Bitcoin – NFTs are non-fungible. They are more like collectable trading cards. NFTs are supported by the Ethereum blockchain, which guarantees their authenticity, and their marketing and viral potential is huge.
How are NFTs made?
NFTs can be a digital form of anything. This could be a JPEG image, music, digital art or a video. For example, if you were an artist and you made a short video animation using your own images and music, you could then sell this as an NFT.
The better the NFT, the higher the value. Just like art in a gallery. That’s why it helps to work with a professional designer. NFTs increase in value like art, and you can trade them for money or invest in them to show support for a business or brand.
How are NFTs made?
NFTs can be a digital form of anything. This could be a JPEG image, music, digital art or a video. For example, if you were an artist and you made a short video animation using your own images and music, you could then sell this as an NFT.
The better the NFT, the higher the value. Just like art in a gallery. That’s why it helps to work with a professional designer. NFTs increase in value like art, and you can trade them for money or invest in them to show support for a business or brand.
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Check out these popular NFTs
In 2020, a group of four friends created a collection of 10,000 NFTs called Bored Ape Yacht Club (BAYC) which is a series of cartoon primates, all with different unique characteristics. When it launched, they cost $200 (0.08 ETH) each. BAYC quickly amassed a celebrity following on Twitter which saw their price skyrocket.
Eminem bought one last year for $461,862 (123.45 ETH) and now BAYC NFTs are used as status symbols. BAYC has even broken through the metaverse to go mainstream with collaborations with designers Adidas and Gucci.
Invisible Friends, an NFT collection of 5,000 animated invisible characters, launched in early 2022 with a floor price of $29K (12ETH). Created by Swedish artist Markus Magnusson, the NFT project quickly became one of the most popular available on NFT trading platform OpenSea.
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