The Tea about NFT

Discovering the New Market of NFTs

Introduction

Another buzzword that we learnt this year was NFT, and so now everyone’s talking about it, you shouldn’t be left behind, moreover, now that the news is filled with youngsters becoming millionaires by investing somewhere, don’t miss your chance to learn about your potential profits in the NFTs and how they are the future of trading.

So lets dive deep and know whether or not  NFTs are worth the hype?

What Are NFTs?

We all trade in money, you buy something and you give the seller the money worth the item, inturn the seller can use this money to buy something for themself and the chain becomes endless and the market keeps running.

This is all physical, but NFTs are virtual, so let’s remove everything physical from here.
So now you can buy or sell digital databytes for virtual money, the same as before, but virtual, all your assets and profits are digital and “non fungible” meaning not interchangeable like cryptocurrencies such as Bitcoin as each NFT differs from other tokens in terms of value and particular information. Just like you can’t trade apples to pens.

NFTs are used to signify ownership of a variety of digital or physical goods, including virtual property, collectibles, in-game objects, digital art, music, and videos. They give artists the chance to offer their products directly to consumers online.

CryptoKitties

One of the earliest and best-known instances of a blockchain-based collecting game using NFTs is CryptoKitties.which launched in November 2017 on the Ethereum blockchain by Axiom Zen, a Canadian technology firm, pioneered the idea of NFTs.

CryptoKitties became a novel and imaginative idea that captured people's attention all around the world due to its creative method to bring together blockchain technology with digital collectibles. In the game, players could purchase, breed, and sell virtual cats, each of which had genetically defined qualities, teaching the world for the very first time about mechanisms of NFTs.
While the initial excitement surrounding CryptoKitties has subsided, the project's legacy lives on as a trailblazing example of how blockchain technology and NFTs may revolutionise ownership and provenance in the digital space.

Beeple's big achievement

Beeple or Mike Winkelmann is a well-known graphic designer and digital artist who made significant contributions to the fields of digital art and NFTs.
In his early career, he was an graphic designer and animator who, over a span of 13 years, produced digital art everyday for his series, "Everydays, which helped him polish his skills, understand the market and gain a stable fanbase who later prove to be a great asset when he explores the world of NFTs.

In early 2021, the world was took by a news of sale of a digital collage artwork titled "Everydays: The First 5000 Days" as an NFT for a staggering $69.3 million at a Christie's auction.

And that is where the picture for NFTs change and the rest becomes history.

Virtual land 

Imagine owning a piece of land, but in a digital world. That's what Decentraland offers. We'll learn about this place and how people are buying and selling virtual land. It's a bit like playing a game, but also a serious way to own something valuable.

Beyond art, collectibles, and music, now you can own a land in the virtual world!

It’s a complicated mixture of ownership, technology and hope. 

So if you play games or know a bit about them, you would bought either by real or virtual currency, weapons,lands or characters to upgrade your level, all these assets can be sold or traded with other gamers for benefits, and that is exactly how virtual land often known as "metaverse real estate," which are the  landscapes that have been digitally created in virtual worlds, metaverse platforms, or online games in NFT system works. 

Art and music

Unless you aren’t too young, you must’ve heard about CDs, DVDs and cassettes, in which they used to store music and officially sell those, which profited the singer and their management. Similarly, people buy paintings either for decoration or for investment purposes, now the whole concept is same, but digital and more independent; without the assistance of galleries or other middlemen, artists can sell their creations directly to a global audience.

And not just paintings or music, any kind of art, gifs, drawings, audios and selfies too!
Yes, “Student Becomes a Millionaire After Turning Selfies Into NFTs as a Joke (-https://petapixel.com/)”  this happened. 

NBA “top shot” and Sports 

Have you ever seen NBA fans collecting fancards of their favorite players, yes, it is the same concept again, but virtual.

We live in the age of commercialization, where anything and everything can be sold. And now you can buy the best “moments” of your favorite player in their game. So you don’t only watch the highlights, you buy them for yourselves.
The blockchain system would ensure the scarcity, hence creating a competition among fans to buy and collect these collectables.  This also creates new revenue streams for athletes.

Looking ahead to the future

NFTs had their fair share of socio-economic commentaries, and so far everything looks positive, like every other thing does in the beginning and then we learn the other side of it, like for this one could be the possible environmental hazards; the energy cost and carbon footprint associated with some types of blockchain and their easy usage for possible art scams. 

But all of these problems can be easily dealt with advanced laws and the growing technology and hence, so far the future of NFTs is quite promising and there is no denying that they indeed are the future.

Ending thoughts on NFTs

The promising aspect of the globalisation is the merging of geographical boundaries and enhanced interconnectivity, which does not only benefits businesses, but also artists and various other people who can directly sell their works and interact with their communities, while their fans can collect and interact with their idols.

Day by day, physical commodities are loosing their values to virtual assets, which are easy to store, sustainable and low-maintainance and that is a revolution where NFTs are leading.
NFTs have the ability to fundamentally alter how we interact with both digital and physical assets as blockchain technology develops and becomes more sustainable.

It’s a win-win for everyone!