The world has evolved in ways beyond our imagination in the past decades. Granted we don’t have flying cars like we thought we would by now, everything is different now. Gone are the days where physical cash is the main currency of our world. Cryptocurrency is ever growing and will continually take over global currencies over the next few years. We first heard of cryptocurrency in 2008 by the term Bitcoin. The influx of purchasing shares of this cryptocoin. Although Bitcoin is not the first attempt at decentralizing cryptocurrency in our age, it was the most successful, and is now one of the most valuable and most commonly held form of cryptocurrencies, as compared to the dozens other forms of cryptocurrencies that exist in 2022.
Non-Fungible Tokens Debunked
Now, what is the meaning of NFT? Read on as we are going to explain everything you need to know.
Firstly, NFT is an abbreviation of Non-Fungible Tokens which started out as a simple jpeg form of art, stored on blockchains. NFTs have now evolved into wearables, animations, video games and even music. An NFT is a way of registering a one-of-a-kind form of digital “print”, whether it be a video, image or even physical item on a blockchain. It has been decentralized over the past two years.
The big question we all ask (or at least those not introduced properly to NFTs)- Why NFTs? We don’t blame the layman for all the questions they have regarding NFTs, why they exist and how they exist, or how digital creators earn the big bucks with them. As we hear, NFT artists selling digital media can earn up to millions by selling NFTs. So far, the most expensive NFT sold is marked at a whopping USD$91.8M. No doubt, it came as a shock to the world to see something so simply created, for example, just a simple 8 bit drawing of a person can be on sale for millions of US dollars.
That’s not all, there are many other uses of NFTs compared to when it first got popular, as there are gaming, art and even movies being sold as NFTs. How are NFTs and Cryptos connected? These unique blockchain-held tokens are secured on cryptocurrency blockchains, making NFTs virtually impossible to be sold without the existence or success of cryptocurrency. NFTs are traded using different currencies like Solana, Ethereum, Dogecoin and many other tokens on the market, there is no limit. This means that they are connected via the flow and fluctuation of the cryptocurrency value.
You may ask if NFTs are legit, as there has been many debates about this in the rise of NFTs and cryptocurrency. Well, yes they are absolutely legitimate, but there are plenty of scams that are not. We always recommend people interested in NFTs to do a good amount of research before investing, as well as to never accept free NFTs as they are usually a scam. For now, the NFT and cryptocurrency world will continue to take over, but the decision to trust and invest in them lies in our own hands.