Hello precious, welcome to Desperatehub.Today we are going to talk about what is NFT and how this is gonna work. How do people make millions of dollars through nft? We are going to discuss the whole thing in this blog.
We are seeing a lot in the welfare of technology, we are taking new experiences every day. Our tastes, and needs, are changing with the advancement of technology. NFT may be added in a few days to the various technologies used in our daily lives. This concept can be widely used to preserve digital assets.
This block-chain-based technology or Non-Fungible technology is becoming very popular day by day. Digital assets ranging from digital trading cards to video games, art, music, etc. can be bought and sold through online auctions through NFT. Individuals or entities may enjoy sole proprietorship or ownership of certain properties. Let’s find out what NFT is and some madness about NFT in today’s world.
What is NFT?
The full form of NFT is a Non-Fungible Token. Fungible is actually something, an item or product that can be exchanged for another product or commodity at the same price. For example, suppose you go to a store and buy a product for 70 dollars and give a note of 100 dollars to the shopkeeper.
The shopkeeper will give you back 30 dollars, this time he can give you this money in one 30 dollar note and also in three 10 dollar notes or in one 20 dollars and two 5 dollar notes. It is not a matter of looking at the note because you are getting 30 dollars and its value is equal, this is the fungible object. Learn the madness of nft and how people make millions of dollars through nft.
And the exact opposite of Fungible is Non-Fungible. Let’s look at another example, suppose you bought a book from this year’s book fair and there is an author’s sign, you also took a picture of the book when you bought the book. A few days later a friend of yours started reading the book and he bought the same book from the store without giving it to you.
The same writing and price inside the book, but it will not be the same as your previous book. Your book was special, and that’s what Non-Fungible is all about, and that’s where NFT originated. NFT will give you a digital certificate of a product or item against a certain price that you own. No one will be able to copy your property even if they want to. And in this system, your property records will be stored in the blockchain.
No one will be able to modify that record even if they want to and you will be the sole proprietor of it till a certain time. NFT means non-fungible token.
Where Did This NFT Idea Come From?
Coloured Coin may be the first example of a crypto-based coin concept. Want to know more about Cryptocurrency? Read this blog now. Coloured Coin was introduced in 2012 by Yoona Asae. Coloured Coin has been running on the Bitcoin blockchain since the beginning. These tokens were somewhat similar to bitcoins, and their main purpose was to provide a certificate of ownership of a specific asset. Learn the madness of nft and how people make millions of dollars through nft.
Although many emerging blockchains are currently bringing their own tokens, the Ethereum blockchain is the most widely used to create and use NFT. You may have been listening to NFT for a while now but this token concept has been experimented with in the crypto community for almost a decade now.
Unfortunately, Colored Coin did not last long because the bitcoin system did not have adequate support for such technology and was declared abandoned. Despite such failures, the crypto community has not given up. Since then, they have been working directly on the method of conserving digital resources in a blockchain.
In 2014, the Peer To Peer financial platform called Counterparty was launched. It is also based on the Bitcoin blockchain but in a much better way than before. This counterparty is called the foundation of modern NFT.
The blockchain-based token concept continues to grow exponentially in 2016 in a strange or different community. At that time a trading community emerged called Rare Pepi. This Rare Pepi enters the Counterparty platform. They started trading using Counterparty’s financial token system. They started selling certain weird pictures and surprisingly people were willing to pay a few thousand dollars to buy them. Thanks to Rare Pepi for giving them the idea to buy or store digital art for the first time.
What is Ethereum?
In 2016, Ethereum brought a great change in this kind of block-chain based token technology. Instead of Bitcoin, Ethereum allows tokens to be created and stored directly on the blockchain. And this is the Ethereum Token or Non-Fungible Token. Ethereum is a system where there was no need for a third-party platform like Counterparty. Lastly, Ethereum became the market leader in the blockchain token system, bringing with it exactly five years of tokens as expected. Learn the madness of nft and how people make millions of dollars through nft.
Ethereum has seen a surge in digital assets since its inception. A type of digital pixel art called Crypto Punk is very popular in Ethereum. Good to say Crypto Punk was created by Matt Hall and John Watkinson. Initially, 1000 unique characters were created and given free access to Ethereum users. As the demand in the market increases, they are also taken away from everyone. How do people make millions of dollars through nft?
You might be surprised to know that one character sold for 1.6 million, and another sold for 7 million. Now you may ask why people spend so much money on a little JPEG file? Firstly, it is a human hobby and secondly, the real character is worth it. We all know the value of the original art of a famous artist is much higher. Maybe the character of Crypto Punks can be downloaded millions of times and left on the hard drive but no one will get the original version. Learn the madness of nft and how people make millions of dollars through nft.
The Present Demand for NFT
The NBA Top Shot website is currently a successful digital trading platform like Crypto Kitte. NBA Top Shot is a trading platform with NBA players. Here videos of certain moments of certain games are traded. Individuals may take ownership of the videos by paying a fee. Just because someone buys a video doesn’t mean that no one else can see it.
The video can be viewed by others but owned by one person only. Things may surprise you, but people are spending thousands of dollars on them. People who have invested in these areas think that maybe in the coming days the price of these digital assets will increase a few times more, maybe someone will buy from them later at a higher price.
A clip of the Lebron James also sells for up to 200,000 dollars While that community sees great value in these areas, I personally don’t see why. But it must be acknowledged that NFT can be a boon for the content creation industry. Such arrangements can be of great help to musicians who are not receiving due respect considering their effort. Learn the madness of nft and how people make millions of dollars through nft.
The First Blast of NFT
Now you know what is NFT and how people make millions of dollars through nft art. In October 2016, there was a great uproar in the crypto community about NFT. And it happened with a notorious digital asset. The name of that asset was Crypto Kitty 7 Crypto Kitty was a digital trading game launched by Axiom. The game became very popular at the time and was widely criticized. Leading news media point out that the game is a way for people to move towards cryptocurrency. Moreover, the game was several times more popular than any other digital asset. Learn the madness of nft and how people make millions of dollars through nft.
The controversy over digital assets lasted for several months, but the community they created is still there. After just a few years, buying and selling GIFs, Images, Videos, Music, etc. through NFT started. The fact that the digital asset industry is growing at the moment doesn’t mean that assets like Pepi Crypto, and Crypto Kitte were started.
The Madness of NFT
People nowadays learned about how to make millions of dollars through nft . So NFT can be said to be a great way to get ownership of digital work on the Internet, but in recent times there has been a lot of craziness about it. We all know that the art of famous artists is sold at a very high price, but what if the price of some NFTs now surpasses those famous paintings? Learn the madness of nft and how do people make millions of dollars through nft.
A video game called Decentraland sold for 80,000 dollars another auction sold a GiF for 20,000 dollars What’s even more interesting is that the Krypto Trucks sold for over 346,000 dollars.
Not to be outdone, Twitter CEO Jack Dorsey has put his first tweetup for auction and has hit a record high of 2.5 million dollars.
It can’t be finished when you start writing about it. It has already spread a lot. If you can use your resources properly, you can earn millions of dollars from here.
Final Words
What is NFT? This is the madness of NFT, in this way people make millions of dollars through nft. So we discussed NFT in detail. The NFT will undoubtedly play an important role in preserving digital assets in the foreseeable future, but the craze for it may be on the rise. Many people are already showing a lot of interest in NFT, their purpose is to say that you can sell your creativity in NFT, but at the moment buying a digital asset with a lot of money will not be a wise thing to do.
From time immemorial to the present day, as physical art is bought by people as a hobby, the day is not far when NFT will be one of the means to save digital assets. Want to know more about NFT? Read This.