NFT: The History and Its Future
NFT is taking the world by storm! NFTs have now exploded into the mainstream with celebrities and big brands getting involved. The hype is all over social media and almost everything is being created into an NFT — music, art, photos, tweets, and a lot more!
What is an NFT?
But what is NFT to begin with? NFT is a non-fungible token s a digital asset that is verifiable on blockchain technology. Every NFT is unique and this is one of the reasons why NFTs are becoming sought after as collectibles. NFTs are transferred from one owner to another using blockchain technology, which creates a digital trail from the seller to buyer that verifies the transaction. This encodes the unique ownership rights to the buyer or new owner.
NFTs have been around since 2014 and became a popular investment in 2021. NFTs started grabbing mainstream attention when Beeple sold his "Everydays: The First 5000 Days" digital artwork for $69M in partnership with Christies.
How Does NFT Work?
A piece of art, music or a movie can be created as an NFT. Users mint a token against a piece of collectible. If someone wants to take ownership of the asset, the NFT gets minted and transferred to the wallet address. Once transferred to the wallet, the owner can use the NFT in his/her way.
The Future of NFT
NFTs have disrupted the digital world and industries from art to gaming to investing. With billions traded over non-fungible tokens and a strong community behind the technology, we’re seeing NFTs be adopted by industries as diverse as gaming, finance, art, and medicine.
NFTs are expected to be used widely by various industries from all over the globe in the coming years. Others might think that NFTs are a fad and their popularity will soon be over, big players from Meta (formerly Facebook) to Twitter to Reddit to Visa are taking notice and are working to ensure they don’t miss out on the NFT boom.
Some of the trends in the world of NFT include games, avatars, art, and medical and financial NFTs.Sign up for a FREE account now!