The Rise Of NFTs : How Cryptocurrency Is Revolutionizing The Market
What Is NFT?
Non-fungible Tokens (NFTs) have become hotcakes since 2020. Everyone seems to acquire an NFT and trade it for better means. But what exactly is an NFT? NFTs are digital assets minted on a decentralized blockchain with cryptocurrencies. NFT can be an image, a gif, valuable art, a song, a design, a tweet and even collectable cards. These digital assets cannot be exchanged or borrowed but can be acquired by purchasing and can only be transferred through ownership. Approximately $24 Billion were generated by NFTs, summarizing its popularity and the rise of cryptocurrencies and their potential to replace fiat currencies.
How Are NFTs Made?
NFTs are digital assets which are tokenized on a decentralized blockchain. The blockchain is secure and cannot be tapered as all the data is stored in a series forming a chain of blocks which keeps all the information safe and practically impossible to be accessed by a third party. Most NFTs are minted on the Ethereum blockchain due to its decentralization and most securable database. The first NFT known to the digital world was in 2014, namely “Quantum”, created by Kevin McKoy and sold in 2021. The popularity of NFTs started in 2017 after the launching of crypto kitties, which are digital representations of cats, but each has a different identity than the other one. The minting of NFTs is tokenized by integrating smart contracts on a black chain that assigns them to a unique identity, directly linking to a single blockchain address. ANFT can have only one owner at a time, and its equity can be transferred mainly using crypto to acquire its equity.
How To Buy NFT
Usually, a stablecoin is good to buy an NFT, and USDT seems like a good deal. One usdt is equal to 1 dollar and is based on a centralized blockchain, which means third parties like banks or asset management equities offer security for transactions which a crypto holder might not be able to. To buy an NFT, you must have a crypto wallet, a crypto wallet is a platform on which you purchase crypto and can store it in your wallet to buy an NFT. Many platforms like coinbase, Binance, exodus, etc., exist, but KuCoin seems appropriate to start your NFT journey. It has a whole program dedicated to NFT, known as KuCoin IGO, in which KuCoin users all around the globe have access to in-game assets. Kucoin offers users to buy NFTs via flat-rate sales or mystery boxes, which seems unique.
How NFT Is Revolutionizing The Market
NFTs have made a remarkable impact on the crypto market and art world. The artist is bound to sell their collections at low prices via third-party concerns to make them digital and sell them as NFTs. Other industries like fashion and gaming are pouring into NFTs as millions of dollars are minted to form collectable gaming cards, celebrities’ collections and in-game assets. Sports personas are launching their limited edition NFTs, triggering their fans to attach to the crypto world. The NFT has every legitimate reason to reduce fiat currencies’ usage apart from the digital world, bringing people more security, privacy and prosperity in their daily lives. However, some amendments are needed to make it less complex and invulnerable to security breaches and data hacking. A single valuable NFT is enough to make you a millionaire. The values seem phenomenal if we look at the most expensive NFTs ever. The most costly NFT ever was sold in 2021, named “Merge”, at a whopping 91.8 million dollars. Not only are NFTs just used for art sale collections, but once you own an NFT, you only have the ownership and rights of the asset. A rise in popularity will raise the value of that NFT, thus becoming more valuable and a good investment source for investors.
A Bright Future
Despite the rise and dip in the crypto market, NFTs are here to play a vital role in creating investment opportunities as technology is nurturing day by day and making digital assets influence more in the common man’s life. Before you can book a rider or buy groceries using crypto, it’s time. Comparably, new currencies like bitgert, whose bitgert price is USD 0.0000005, have also boosted their value due to its native token, “BRISE”. NFT’s bright future is a win-win formula for everyone.