Non-fungible tokens, or NFTs, are the latest cryptocurrency phenomenon to go mainstream. NFTs transform digital works of art and other collectibles into one-of-a-kind, verifiable assets that are easy to trade on the blockchain. NFTs, on the other hand, are unique and not mutually interchangeable, which means no two NFTs are the same.
The first popular example of NFTs is CryptoKitties, a collection of artistic images representing virtual cats that are used in a game on Ethereum that allows players to purchase, collect, breed, and sell them on Ethereum. NFTs are still limited and focus mostly on technical aspects, such as copyright regulations components, protocols, standards, and desired properties.
Any kind of easily reproduced digital file can be stored as an NFT to identify the original copy, like photography, art, music, videos, tweets, and even memes. Meanwhile, NFTs are shaking up the concept of in-game purchases in video games. The unique identity and ownership of an NFT are verifiable via the blockchain ledger.
Watch the full video on https://www.youtube.com/watch?v=8g4HSlPPQL4
Ownership of an NFT does not inherently grant copyright to whatever digital asset the token represents. Specific token standards have been created to support various blockchain use-cases. Ethereum was the first blockchain to support NFTs with its ERC-721 standard and is currently the most widely used. Many other blockchains have added or plan to add support for NFTs with their growing popularity.
5 Most Expensive Non-Fungible Tokens (NFTs) So Far
- Everydays: The First 5000 Days by Beeple – $69.3 million (approx)
- CryptoPunk #3100 – $7.584 million (approx) …
- CryptoPunk #7804 – $7.566 million (approx) …
- First Tweet By Twitter CEO Jack Dorsey – $2.9 million (approx)
- CryptoPunk #6965 – $1.6 million (approx) ..