Have you ever felt like Homer Simpson from the Homer in a Lesbian Bar meme when people talk about NFT art? Does this word go right above your head because you have no idea what these tokens are and why people are so crazy about them?
We won’t say that you have been living under a rock; this concept is relatively new, and many internet enthusiasts are just learning about it. So what is an NFT – the very-famous non-fungible token?
What classifies as an NFT?
Before we describe what classifies as an NFT, it is essential to tell you what ‘fungible’ currencies are. We all have used paper currencies. We know that a US dollar has the same value as another US dollar and can be easily traded and exchanged.
On the other hand, NFTs don’t have the same value. Even when NFTs are higher in value, they cannot be traded against each other, unlike paper and digital currencies. Each NFT is digitally signed and has a unique value attached to it.
More on NFTs
Imagine this: you are a collector who loves antique items. Suppose you want to buy a FRIENDS couch – the furniture item used in the popular TV sitcom. You will pay a heavy price to become the proud owner of the original and celebrated couch. NFTs are just like the orange couch – but digital.
Any digital items can become NFT art. From digital art, GIFs, music, and virtual avatars to designer sneakers, videos and sports highlights, and collectibles, there is a great list of NFT artwork. These NFTs are usually stored on a blockchain – the equivalent of the general ledger of companies used to maintain the record of all transactions. It is usually traded on the Ethereum blockchain that keeps a strict check on the rightful owner of an NFT. NFTs have one buyer at a time.
Popular NFT art
The internet celebrated the first multimillion-dollar sale of an NFT called EVERYDAYS by an artist called bleeper. Apart from that, those on the internet in the late 2000s may know about the highly popular “Charlie Bit Me” video where a young boy complained to an unseen mom about his younger brother’s mischief. Sitting beside Charlie – the small toddler, the older brother suddenly started crying when Charlie “bit” me, marking the beginning of the internet sensation. The 2007 video was sold as an NFT for a whopping $760,999.
Apart from videos and photos, other items can also be classified as an NFT. Twitter co-founder Jack Dorsey listed his first-ever tweet as an NFT that was sold for $2.9 million – an insanely high price. These days, the Bored Ape NFT is widely popular. Popular Hollywood celebrities own the NFT’s varying versions.
How Can I Buy an NFT drops?
If you want to own an NFT, you should create a digital wallet with cryptocurrencies in it. Then, it would be best if you choose a marketplace to see which NFT is up for auction. The keyword that you have to remember is “NFT drops,” which tells you the exact release date of an NFT, making it easier for you to join the auction process!