Some NFT Examples. All You Need To Know About NFTs 2022- Looks Amazing

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NFT stands for non-fungible tokens, each one is unique, a digital asset, and can’t be replaced with anything else. NFT Examples They have become popular recently. You may have heard of Nyan Cat gif sold using NFT or the founder of Twitter sold his autographed tweet as an NFT? Else, you are confused.

Well, today we’ll clear all your confusion about NFTs, what are nfts and how do they work, nft examples, and nft in video games.

NFT can be like one of a trading card but non-fungible. Here to make it clear, Bitcoin (a cryptocurrency) is a fungible asset, you can trade it for another Bitcoin but not in the case of NFTs.

In this blog post, we will be explaining NFTs, how they work, and some examples.

What Is NFT? Some NFT Examples

What Is NFT? Some NFT Examples

Non-fungible tokens (NFTs) are digital tokens unlike cryptocurrencies where you can exchange them for the same token/cryptocurrency, NFTs can’t be replaced. 

What surprises you more is that they are worth millions of dollars because of their uniqueness.NFTs represent real-world items (digital) like music, gifs, art, videos, etc. 

They are assigned cryptographically and anyone can seek ownership of digital items. Do you know NFTs use the same blockchain technology which is also used in cryptocurrencies with the difference that they are not cryptocurrencies?

NFTs are highly speculative which is why they are not for every investor out there.

NFT Examples.

1-Twitter CEO Jack Dorsey sold his first tweet worth $2.9 million

2- Nyan cat gif is going up for auction in April 2022 as Nyan cat turns 10 (Chris Torres is the artist selling)

3-LeBron James ‘ second video clip ‘Cosmic Dunk #29’ sold for $208,000

4-Beeple (a digital artist) sold ‘Every day’s – the First 5000 Days for $69.3 million

IMPORTANT INVESTORS’ TIP

Some Important Examples For Investors

High-priced NFTs attract scammers too, beware of them. Some may try to sell unauthentic NFTs and some may claim they own the right.

Scammers usually make copies of the original image/picture, video, or nft video game assets and they don’t own the rights. However, there is a unique piece of art/ limited series as the original is of more value than the fake.

“Success in investing doesn’t correlate with IQ … what you need is the temperament to control the urges that get other people into trouble in investing.” That’s wisdom from Warren Buffett, chairman of Berkshire Hathaway and an oft-quoted investing sage and role model for investors seeking long-term, market-beating, wealth-building returns.

It’s easy to forget that behind the alphabet soup of stock quotes crawling along the bottom of every CNBC broadcast is an actual business. But don’t let stock picking become an abstract concept. Remember: Buying a share of a company’s stock makes you a part-owner of that business.

Why Are NFTs Popular, and Why Do They Need to Be?

Why Are NFTs Popular And Why Is There A Need?

Non-fungible tokens (NFTs) have, thanks to their ability to assign value to everything from art to music to a simple selfie, taken the world by storm.

The sales of NFTs surged to $25 billion in 2021 as the crypto asset exploded in popularity, fuelled by the rising interest of celebrities and tech evangelists, according to market data tracker DappRadar data analytics. However, some experts believe NFTs are a bubble that might pop.

Why are people spending millions of dollars on NFTs? An NFT is developed by the art form creator to keep the authenticity of the ownership, just about anything digital.

To clarify further, take an example of Mona Lisa art. You may find thousands of replica copies in circulation but we all know there is one original. 

NFT helps in assigning the ownership of the original digital asset (could be an art form, video game assets, etc.)

How Do Non-Financial Transactions Work?

How Do NFTs Work?

The Ethereum network is the one where NFTs are generated and stored although there are other blockchain platforms too like Flow and Tezos they are widely used at Ethereum.

The blockchain platform allows anyone to trace and verify who owns the right and tokens can remain pseudonymous.

What sort of digital goods can be ‘tokenized’ or categorized into NFT? Artwork in games, video clips, live broadcasts, NFT marketplaces (like NBA TopShots), etc.

Also, if you are buying a limited edition, you may not be given exclusive rights to the digital asset.

What Is the Difference Between NFTs and Cryptocurrency?

Difference Between NFTs & Cryptocurrency

NFTs

NFTs cannot be traded for each other, since every NFT represents real-world assets.

NFTs are less riskier.

NFTs support selling art forms digitally more

Most NFTs are part of the Ethereum blockchain/network.

Cryptocurrency

Cryptocurrencies can be exchanged for each other.

Cryptocurrency involved high risk but high reward

Can sell and trade almost anything via smart contracts

Coinbase, Binance, Robinhood, Gemini, Kraken, etc. are a few popular cryptocurrency exchange platforms.

A Notable Use Case for NFT Video Games

NFT Video Games – A Notable Use Case

In 2020, and 2021 even, only tech geeks were aware of the NFTs but as the video game industry is growing they are getting into the mainstream.

NFT is a niche market as many gaming industry giants think.

Some big names in the gaming industry are using NFT.

  • Ubisoft Quartz where players acquire NFTs as ‘digits’ used as weapons and vehicles.
  • Electronic Arts, Take-Two, and Atari use NFTs.
  • NFTs are collectible which is why they can be integrated into games.
  • Axis Infinity (a game example) allows players ‘play to earn’ crypto where ordinary people are making profit from this technology.

Final Verdict

Just like cryptocurrencies, you can buy, sell and create NFTs from online exchanges and marketplaces. 

The creator can choose the price or there could be an auction for art pieces, you can bid for the NFTs.

NFTs are speculative assets, some make millions of dollars while others may end up spending a lot of money and not getting any worth for the NFTs they bought, sold, or have created.

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