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Did you know recently A $95,000 piece of art was brought and was lit on fire By the executives? This video went viral; the group showcased the copy of the art stored in a digital format with the help of NFT. This creation was called morons, by the elusive British artist Banksy. You might be wondering what is NFT? Well, this is a token that can be attached to a thing that is one of a kind. This is “one of kind’’ things that should be unique and novel. NFT is proof of your ownership over a piece of art that you cannot keep handy. It can be in the form of a video clip, digital art or digital coupon. This is one of a kind art that is stored and protected on a shared public exchange. Christie’s, which was established in 1766, became the first major auction house to announce plans to sell a solely digital work of art—an NFT crafted by digital artist Mike Winkelmann, aka Beeple—on February 15, 2021.

You might be wondering how it is related to Bitcoin. Recently we have seen a spike in Bitcoin, Tesla has also started using Bitcoin as a payment mechanism for its cars. In today’s time when everything has gone digital including video games, photos, animations, music, logos, video clips then why not art. The piece of your art is stored digitally and is protected by the security of cryptocurrencies. You need to enter the NEFT, to get access to your art. It protects your art digitally, gives a certificate of authenticity and also protects your legal rights. You would be happy to know that it is hacker resistant. Since any transaction is tracked through a massive, decentralized network of ledgers, hackers will have to access a significant portion of it to do some harm

Non-fungible tokens are based on the shared capacity of blockchain technologies to verify their validity. They are not, though, synonymous with Bitcoin. Since each NFT is linked to a particular digital asset including a coupon, a piece of art, or a series of playing cards, you can’t just exchange some old NFT for a vehicle or a pizza.

Some investors are placing large bets on the NFT marketplace and NFT art in the hopes of seeing their value skyrocket. Others purchase NFTs solely for the sake of advertising, bragging rights, or simply to enter a new group.

Image Credit:-https://economictimes.indiatimes.com/


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