Twitter CEO Jack Dorsey has sold a digital version of his first tweet for more than $2.9 million more than two weeks after he announced a digital auction for the post. The 15-year-old post was sold as a non-fungible token or NFT.
Yes, that's true, and now you must be curious about NFTs? Right. Because in India, it's a new concept, and indeed this new trend will take some time to get famous, just like in the case of cryptocurrencies. Anyway, we're here to give you the much-needed info on NFTs, which you would be looking for.
Before you begin reading this story, you should know what an NFT is?
According to the American financial site Investopedia, NFTs are cryptographic assets on blockchain with unique identification codes and metadata that differentiate them. But unlike cryptocurrencies, they can't be traded or exchanged at equivalency.
It can be used to represent the ownership or possession of artwork, people identities, a collection, property rights, and anything unique. For example, a movie ticket is a sign of ownership of one space to watch that particular film.
So, the next question would be how it functions?
NFT is a digital certificate of ownership of an asset and can be bought or sold like any other valuable item. If you purchase an NFT, you will get a certificate secured with Blockchain Technology, making you the asset owner.
Now, the next obvious question will be how you can buy or sell NFTs?
One of the essential things about NFTs is that anyone can make, buy, and sell an NFT without asking for anyone's prior consent. Also, these digital assets are kept in an encrypted peer-to-peer system, which makes it hard for cybercrooks to hack or tamper.
However, for buying or selling NFT, you have to install Metamask--Ethereum's digital wallet, the second most popular cryptocurrency after Bitcoin. After installing Metamask, you can buy Ethereum. When you visit any website, which sells NFTs, you can use the bought etherium to buy an NFT. Also, you can trade NFTs from crypto exchange Uniswap by connecting your Metamask account.
Costliest NFTs in the cryptomarket
As we mentioned earlier in the story, the NFTs shook the crypto market, especially after Jack Dorsey's maiden tweet sell story. However, we have listed some of the costliest NFTs:
Mike Winkelmann, the American digital artist, popularly known as Beeple, has sold an NFT for $69 million. Also, Axie, the famous blockchain game was sold for $1.5 million.
(Edited by : Aditi Gautam)
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