First, let’s see what is Cryptocurrency ?
A cryptocurrency is a new form of digital money. You can transfer your traditional, non-crypto currency money like the U.S. dollar digitally, but that’s not quite the same as how cryptocurrencies work. When cryptocurrencies become mainstream, you may be able to use them to pay for stuff electronically, just like you do with traditional currencies.
Now, start with the introduction to NFT
BITCOINS have helped create a new world of digital currencies and now all attention to something new is arising, non-fungible tokens or NFTs.
When I read news about the famous Nyan Cat that sold as a one-of-a-kind piece of crypto art, it makes me to thinking, ” So what’s going on here & what is NFT?”
Wikipedia says about NFT:
A non-fungible token (NFT) is a unit of data on a digital ledger called a blockchain, where each NFT can represent a unique digital item, and thus they are not interchangeable.NFTs can represent digital files such as art, audio, videos, items in video games and other forms of creative work (wikipedia)
How do NFTs work?
most NFTs are part of the Ethereum blockchain. Ethereum is a cryptocurrency, like bitcoin or dogecoin, but its blockchain also supports these NFTs, which store extra information that makes them work differently.
they can really be anything digital (such as drawings or music), but a lot of the current excitement is around using the tech to sell digital art.
What does the future hold for NFTs?
For NFTs the true potential is yet to be uncovered. Whether big industry players in art, design, or fashion will buy into it or not is also yet to be seen. One thing is for sure, NFTs did open the door for many digital artists to be identified and valued, and the smart contract functionalities of the blockchain technology will be used in future evaluations.
What are the benefits of NTF art?
Galleries and auction houses are simply curated marketplaces, and the need for them will never go away. They may look different over time, but their core function and purpose will remain the same. We can see a huge increase in the demand for digital assets, especially as we start living more in the digital space. This will only continue to grow. As the digital world becomes more popular and you will see a huge difference art world!