NFT stands for Non Fungible Token. Which means a token which can not be copied or recreated. It is a digital asset which can not be changed. It can be an art, music or video which is digitalized. Non Fungible Tokens can/t be splitted. It must be different from others or it is a unique digital thing which is different from others. It is a token which is just a small piece of data you own.
For example a $5 Dollar note is equal to another $5 dollar note. But if you have a $5 dollar note signed by your favorite celebrity, it becomes valuable and unique for you, which can be sold at a higher price than $5 dollar. NFT is the same as ownership of any unique piece of art or anything else which is verified by Blockchain Technology.
NFT are a piece of data which is owned by a wallet address and whoever has the password of that address owns the NFT. These datas can be transacted in different addresses. Each and every transaction of this datas is verified in Blockchain.
Why buy NFTs?
Many people think that NFTs are collectables for investment. Real-world items such as artwork and real estate can be represented by NFTs. These real-world tangible goods can be “tokenized” to increase the efficiency of buying, selling and transacting while reducing the risk of fraud.
Here are some Highest paid NFTs :
1. EVERYDAYS: THE FIRST 5000 DAYS – Beeple –$69.3m
2. Human One– Beeple – $28.9m
3. CryptoPunk 4156 – 2,500 ETH ($10.2m)
4. CryptoPunk #3100 – 4,200 ETH ($7.67m)
5. CryptoPunk #7804 – 4,200 ETH ($7.57m)
Where to buy or sell NFTs?
You can buy and sell NFTs in different marketplaces like OpenSea.io, SuperRare, Foundation.app, Rarible, Mintable and so one. You can do transactions by simply creating your account or connecting your wallet address in these marketplaces.
Problem While buying NFTs?
The one and only problem while buying and selling NFTs is that every transaction of NFTs is done in Ethereum Blockchain. So, you must buy or hold some ETH while doing the transaction. And as we all know that ETH gas fee is so high so it becomes quite expensive.
In conclusion we can say that Non Fungible Token (NFTs) are a token which is unique or rare. If you own any NFT, It can be copied by any one but the original ownership will remain your until you sell it.