NFT EXPLAINED
WHAT ARE NFTs? NFTs EXPLAINED IN BRIEF:
NFT are non-fungible items but what are fungible items?
FUNGIBLE: fungible means something is able to be exchanged or substituted and will hold the same value. This means that fungibles are interchangeable for example I borrow you $10 through bank transfer and while paying back, you gave me back the $10 but now in cash. This means that the value of the money didn't change.
NON- FUNGIBLE: it's an asset that can't be substituted or changed because it has unique attributes that make different from something else. For example: A unique digital art work, an in game item etc.
TOKENS: a thing serving as a visible or tangible representation of a fact, quality, feeling, etc.
Non-fungible tokens, or NFTs, is verifiable unique represented digital and physical goods.
Also NFT s are non-fungible tokens and refers to a digital certificate stored on a secure distributed database called a blockchain. So nfts are digital assets publicly verifiable intellectual property authenticated on a blockchain.
Each NFT generally differs in makeup, and therefore likely differs in value as well.
In the physical world, U.S. dollars are fungible. No value is forfeited if a person trades any given paper U.S. dollar for a different paper U.S. dollar. On the other hand, something such as artwork is generally nonfungible. The “Mona Lisa” is not of equal value to “The Persistence of Memory,” as both artworks are unique, deriving value as such.
Based on distributed ledger technology, NFT crypto assets serve as a method of authentication for buyers of unique items, proving aspects such as ownership. NFTs became much more well known in 2020 and 2021. NFTs have potential for other use cases as well, such as companies tracking their internal resources or platforms verifying subscriptions and use.
TYPES OF NFTS
The types of NFTs are endless, as anything can actually be an NFT...
Let's consider the top 5 or 6. 👇🏼👇🏼
1. Art
Art is the most popular form of NFT out there. The conception of NFTs was a prime opportunity for artists to sell their best works online as though they are physical. Right now, a lot of the most expensive NFTs are works of art. According to Luno, the most valuable NFT ever sold is called "EVERYDAY'S: THE FIRST 5000 DAYS" by renowned artist Beeple. This piece sold for a whopping $69 million. 🤑🤑 There are other super expensive NFTs that are breaking billionaires' bank accounts.
2. Music
Also high on the NFT spectrum is music. 🎵🎶
Music has been a fungible good for decades, being recorded and distributed on records, cassettes, CDs, and digitally. However, musicians and DJs have been selling their work as NFTs lately, earning some of them millions of dollars in a matter of hours....
3. Video Games Items
Another frontier in the NFT space is with video games. Companies aren't selling entire games as NFTs. Rather, they'll sell in-game content, like skins, characters, and other items. Nowadays, millions of copies of DLC assets are sold to players, but an NFT asset will be unique and exclusive to one buyer. Developers can sell regular DLC, but then sell a limited edition version of it on the NFT markets
: 4. Trading Cards/Collectible Items
NFTs can be thought of as digital trading cards. We all know about limited edition baseball cards selling for thousands of dollars, and the NFT market isn't much different. People can buy and trade virtual versions of trading cards on the market and keep them just like keeping the real thing. And, just like the real thing, some sell for over a million dollars.
5. Big Sports Moments
NFTs offer something that doesn't really have a physical equivalent: memorable sports moments. These are short clips of significant moments in sports history, like groundbreaking slam dunks or game-changing touchdowns. These clips can be as short as 10 seconds but sell for upwards of $200,000.
6. Memes
In case you thought the internet couldn't get more interesting, you can buy and trade memes on the NFT market. What's neat is that in some cases, the person in the meme is the actual seller. Some of the more popular memes like Nyan Cat, Bad Luck Brian, Disaster Girl, and others are on the list, racking in between $30,000 and $770,000. The most valuable meme to date is the Doge meme, which sold for a jaw-dropping $4 million. 🤑
Examples of NFT are bored ape, Nike, thinkium NFT, Pele_legend NFT, glitch_guild NFT, etc....
In the next few years to come NFT will become a renounce assets that we cannot afford to have one...
In the world of this NFT, glitch_guild has come up with a unique and exciting opportunity.
WHAT IS GLITCH_GUILD?
Glitch Guild - is a decentralized autonomous
organization (DAO) aimed at fair distribution
of resources and functioning through the efforts of community members.
The Guild is more narrow-focused: it is responsible
for the attraction of freelancers wishing to work
in the field of NFT, as well as participants
wishing to support artists and the project
by taking part in decisions influencing the direction of the further development.
How will you be rewarded in this project?
The Guild seeks to reward participants not depending on their financial contribution, but on their positive impact on the development
of the guild.
Do you want to miss out on such projects?
I guess no.
Why not visit my blog regularly to read more about the latest on NFT , DAO and crypto currency. Visit :
t.me/glitch_guild
t.me/glitch_guild_ann
TWITTER twitter.com/GuildGlitch
MEDIUM medium.com/@GlitchGuild
To get to know more about this amazing project.
