Quick Guide to NFT, All You Need to Know… To Get Your Mind Blown!
In this guide to NFT learn why NFTs are becoming increasingly popular as a means of buying and selling digital art. Even though they’ve been around since 2014, NFTs are becoming increasingly popular as a means of buying and selling digital art. A total of $174 million has been invested in NFTs since November 2017. But what is really an NFT?
Guide to NFT, what is NFT?
Non-fungible tokens are pieces of digital content that are stored on a blockchain, a digital ledger underpinning other cryptocurrencies like Ethereum and bitcoin. These assets are unique and can’t be replaced or exchanged with something else.
NFTs operate on a database called blockchain, which is a digital public ledger that keeps track of transactions. You’ve already heard about blockchain as the fundamental mechanism that allows cryptocurrencies to exist.
An NFT is generated, or “minted,” from digital objects representing both tangible and intangible things, such as arts, GIFs, music, designer sneakers, videos and sports highlights, virtual avatars, and video game skins, and other collectibles. NFT serves a digital collector’s item that instead of receiving an authentic oil painting, the buyer will get a digital file instead.
SPECIAL OFFER
However, to achieve the development of the applications stated above, there are a lot of obstacles or barriers that need to be overcome. Some of it is the policy or regulations, burning the gap between the centralized and decentralized world, user experience, and infrastructure problems.
One of the reasons why NFTs are becoming so popular is the coverage high profile transactions have received by mainstream media and all the controversy that comes with it, plus the shock factor about the money spent on NFTs being $69 million the highest transaction so far
Despite its weaknesses and challenges, in this guide to NFT we wanted to list some of the NFT art that has made news lately.
DISASTER GIRL: One of those is the viral “Disaster Girl” meme. It was sold for $473K as an NFT. This is the photo of a little girl in front of a house fire smiling devilishly. It has circled the internet and becomes one of the most trending memes online. It was in the year 2005 when she was still a 4-year-old girl when her father took a photo of her while they were watching a burning house near their neighborhood.
The photo became trending when his father submitted it to a contest JPG magazine’s “Emotion Capture” and won. Zoe, the 4-year-old “disaster girl” and his father sold the photo as a non-fungible token the moment after it became viral. After putting up the meme for auction, the viral picture was sold for $473,000 or equivalent to 180 Ethereum, to an unknown collector known as @3FMusic.
According to Gizmodo, the buyer is the CEO of a Dubai-based music production company named Farzin Fardin Fard. The moment they turned the photo of a “disaster girl” into an NFT, Zoe and her father are now getting 10% profits whenever the image is being sold.
THE FIRST TWEET: Another trending case of NFT is when the founder and CEO of Twitter Jack Dorsey, tweeted the first tweet on its platform in the year 2006. The tweet is just as short as “just setting up m twttr.” but was sold as an NFT worth 2.9 million to the CEO of Bridge Oracle, Sina Estav.
BEEPLE: While it was considered record-breaking for Christie to sell a massive compilation of artworks by Beeple worth 69 million in total, in its first digital art auction.
The arts, titled “Everydays” differ in terms of styles, content, medium and often rely on satirical settings or dystopian.
DEATH OF THE OLD: While artist Grimes sold digital artworks worth $6 million after putting them up for auction. On February 28th, a series of ten pieces went up for sale on Nifty Gateway.
The best-selling item was a one-of-a-kind video named “Death of the Old,” which features flying cherubs, a cross, a sword, and glowing light set to an original Grimes tune.
The winning bidder paid almost $389,000. The majority of the sales came from two pieces that sold for $7,500 each and had thousands of copies available. The works, dubbed “Earth” and “Mars,” are both short videos that depict their respective planets with a giant cherub atop them holding a weapon, set to original music. Until sales ended, almost 700 copies were sold for a total of $5.18 million.
Guide to NFT conclusion:
In conclusion, this guide to NFT is meant to be a quick explanation about what the new NFT trend is all about. However, we haven’t included here some important factors related to NFTs which include weeknesses, challenges and denouncers of this new technology, mostly because those topics can be discussed in a later post and don’t describe what NFTs really are. In any case, our advise to anyone looking to get into this trend is to learn all the possitive and negative aspects that NFTs come with, NTFs are virtual goods that deal with real money, and you want to keep that factor always present before making any move.
Some NFT art may be a high size file, that’s why a good and reliable internet connection is always recomended, here at My1Wifi.com we offer unlimited plans that assure you high accessibility and fast speed so you can see all the NFTs you would like, please feel free to check our internet service plans in our store, if you have any question don’t hesitate in contacting us.
