🎨 All about NFTs

Establishing the basics of NFTs and their exponential growth in the recent years to what has led to the creator economy.

Well in this post I am just gonna introduce you to the world of NFTs and their recent growth. If you wanna know more about how to buy and sell NFTs click here.

Just a token?

So, to start with what are NFTs? NFTs stands for Non-Fungible Tokens.

Psst, I read your mind. I know you didn't understand a single word. Even when I came across this for the first time I didn't understand this jibberish word. So let me explain this to you with a scenario. Suppose I gift you a coffee mug and another guy gifts you the same coffee mug which means that that coffee mug is replaceable. In other words, FUNGIBLE. Now, what if I gift you a coffee mug that is signed by AR Rahman? So now the mug that I have gifted you becomes irreplaceable which means NON-FUNGIBLE.

So NFTs are entities (or tokens) that are irreplaceable. But the next question is what is a token? Do you remember funfair or carnival in your childhood where you pay some amount and buy tokens. With that tokens, you participate in events or games. So basically NFT is a digital kind of the same replica that you did in your childhood.

What do you get when you buy an NFT?

As I said before, NFTs can be anything - digital art, music, posters, virtual characters, writings, etc. Okay, all these sound great. But what to do with these kinds of stuff?

You can get exclusive perks. For instance, if you buy an NFT of Kamal Hasan (he is gonna announce one soon) and you can get exclusive offers offered by Kamal Hasan. You can have a 1:1 coffee chat with him. You can get to wear his dresses/fashion brands.

So the big picture is if you buy an NFT you are not buying the artwork alone but you also get into membership and you can get into a community of like-minded people where huge things happen in that community and get to know each of them and that separates you from the rest who don’t own an NFT. Some other perks that you can get from NFTs are exclusive concerts where singers will perform only to the person who owns their NFT. Or maybe a landing page that you cannot find anywhere or link to a very obscure community.

Few other soundbites

How to believe that NFTs are the next big thing? I can throw some sounding bites happening around the world.

1. Kamal Hasan (Indian actor) is about to launch his own NFT.

2. Justin Beiber purchased a bored ape NFT for $1.3 Million.

3. Carl Pei who is the ex-founder of Oneplus and now runs Nothing Technology Limited has bought his first NFT.

4. Ukraine is planning to release its own collection of non-fungible tokens to support its troops defending against invading Russian forces, making it one of the first countries to release NFTs. A $200,000 cryptoPunk wearing a blue bandana was sent to Ukraine’s wallet on Tuesday. Vice Prime Minister of Ukraine Mykhailo Fedorov officially tweeted regarding this.

5. Meta Inc is ready with its NFT launch on Instagram. (Article published 'The Economic Times on 16th March, 2022).

All these highlight how NFTs are changing the way we can hold assets. They are valuable because they verify the authenticity of a non-fungible asset. This makes these assets unique and one of a kind.

If you are not still convinced yet, check out this blog post where an NFT was sold for $69,346,250 🤯