NFT means non-fungible token, this word has been in discussion for some time. The prevalence of this word has increased in bids, auctions and gifts. People are also interested in this term due to being connected with blockchain technology.
A few days ago in an interesting auction, Twitter CEO Jack Dorsi’s first tweet was auctioned as NFT. It cost $ 2.4 million in the bid. Earlier in such bids, a video clip was sold for about 49 crores rupees. Now these tokens are also being used as gifts. The funny thing is that no item will come in the hands of the buyer or gift wrapped in a gift wrapper.
What are Non-fungible tokens?
NFT is a kind of digital asset and its circulation has increased significantly during Kovid 19. People use it to shop for things available on digital platforms. Basicly NFT is for buying things that cannot be exchanged.
NFT represents a unique digital item. Total Deposit This is a new way of displaying digital art or anything that is digitally present. Since fungible means things that you can change among themselves. Like your mother’s thousand note, which you can replace with 100 notes of 100, its price will remain the same. But you can give a gift on your mother’s birthday, no gift can be replaced by anything else or money because it has a different value. This is just non-fungible.
Talking about the token, you must have seen it at your nearest samosa shop, which you buy by paying money and get samosas of the same price by just giving the token at the counter. This game is the reason for the success of non-fungible tokens.
Aggregate NFTs are cryptographic assets that work on the blockchain, which have unique identification code and metadata, which makes them of different importance than anything else.
Use of NFT increased during Corona period
NFTs are unique asset classes that can be created and sold online without the help of a third party. When the world came to a standstill due to Corona virus, the craze of NFT increased. Artists used it fiercely. Those who are not interested in the rest of the blockchain, understand that NFT is nothing more than a few lines of code. It is another matter that among those who are interested, they keep a lot of value.
Recently Elon Musk was also selling his non-fungible token i.e. NFT through a tweet. However, he later pulled his feet back from this $ 1 million tweet deal.