NFT NON FUNGIBLE TOKEN HOW TO
NFT NON FUNGIBLE TOKEN SERIES

Learn more here | NFT issued in partnership w/ /zymq2DSjy7 And recently, one of the NFTs that originally sold for $66,666.66 was resold to a digital asset investor in Singapore for $6.6 million.Ĭhristie's is proud to offer 'Everydays – The First 5000 Days' by as the first purely digital work of art ever offered by a major auction house.

NFT NON FUNGIBLE TOKEN SERIES

Last October, he sold the first series of NFTs priced at $66,666.66 each. This ownership can be bought or sold.įor example, the digital artist, Mike Winkelmann a.k.a Beeple created a series of NFTs for his digital artworks. Now, even if people replicate the digital asset, the ownership of the original asset remains to one person or entity. But, using NFT, artworks, and similar digital assets can be tokenized to create a digital certificate of ownership. One can even sell it to others because the owner of such works cannot be tracked in the digital world. If you see a digital painting, one can just right-click and save the work on their computer. The relevance of NFT becomes more clear when you think about it from this perspective - Digital files can be easily duplicated. It allows you to buy or sell ownership of unique items and keep track of the owner using blockchain technology. This can include collectibles, digital art, rare digital resources, etc. So now we understand what an NFT is, but, why on earth do we need one? Does it have any business applications? Why NFT?Īn NFT can represent the ownership of a wide array of unique assets that can be physical or virtual. Reach out to us today, to discuss your project Contact As NFT tokens are being sold for millions, and images, emojis, etc being auctioned at record value make one wonder, what is happening in this sector. The recent updates in the NFT domain are quite surprising. So now it’s time to explore the characteristics of a NFT. Bitcoin being a fungible token makes it a good fit for conducting transactions, it can transfer value from point A to point B in a short duration of time. Because, for example, if you and your friend trade 1 bitcoin with each other, both of you still have the same value after the trade. No, Bitcoin and other cryptocurrencies like Ethereum, ripple, etc are not non-fungible tokens. non-fungible assets hard to trade or exchange with assets of the same type due to their attached qualitative factors like emotions, uniqueness, etc. Because it has a qualitative value attached to it.

There could be thousands of bats that were manufactured in the same batch as this bat, yet, the value of the bat used by babe Ruth is over 1 Million. But, the bat Babe Ruth used to hit his 500th career home run was sold for more than 1 Million USD. For example, a baseball bat usually costs around $200. That means a car is a non-fungible asset. It will not be acceptable for you if your friend wants to return a different car of the same make and model. In this case, you expect your friend to return your car. In another scenario, let’s imagine that you have lent your car to your friend. As long as the total value of the repaid bills is $1000, you have received the value you lend out. If you lend a $1000 bill to your friend, it doesn’t matter if your friend repays you with two $500 bills or ten $100 bills.

The word fungible means - easy to exchange/trade for something else of the same type and value. What are fungible and non-fungible assets? What are fungible and non-fungible assets?.Here, we’ll help you gain better insights into NFTs through the below topics:

NFT NON FUNGIBLE TOKEN HOW TO

If you are trying to create your own NFT token you can refer this article – How to create an NFT or Non-Fungible Token In this article, we’ll walk you through the basics of NFT. Many crypto tokens were introduced to support different applications some of them are namely utility tokens, security/equity tokens, reward tokens, asset tokens, currency tokens and the latest one being Non-Fungible Tokens or NFTs. Even though the history of NFTs can be arguably dated back to 2014, this piece of crypto started to gain much popularity in recent years. If you’ve been following the crypto space, I think you probably already heard bits and pieces about NFTs or Non-Fungible tokens.

Nft non fungible token