The surprising truth about NFTs

Who wouldn’t like to wake up one morning to find that their collector’s artwork had just sold online for some 1 million dollars? What about that seemingly invaluable tweet that landed 1 million shares? There’s just so many things you can do with one million dollars right? Like building research and information centers for science and technology or championing development projects in our communities. Just an idea.

Well, that’s the story that many people around the world have been seeing lately through social media. It’s called NFT, short for Non-Fungible Token. Digital tokens that exist in what is known today as the Blockchain. NFTs, which are advertised as a new way of proving unique ownership of a particular asset seem to be the next big hit today right? But what exactly are NFTs for?

What is an NFT? What are some examples of NFTs (Non-Fungible Tokens)?

An NFT could be almost anything from a simple trading card to even a famous tweet. Put simply, NFTs are digital proof of ownership of a commodity, like a deed or title if you owned real property, only the information is registered on the blockchain network and could represent just about anything.  

Bored Ape 544  NFT
Bored Ape #544 NFT which sold for 2.86 million dollars

Many of today’s top celebrities are even jumping on the new crypto bandwagon. From famous rappers like Snoop Dogg, who started his “Journey with the Dogg” collection, to NBA legend Shaquille O’Neal who was reported to have joined what is known in NFT-space as the “Bored Ape Yacht Club” (BAYC), an exclusive club of NFT investors who own one or more of the Bored Ape series collectable arts. Among those are Bored Ape #544, which sold for a whopping 2.86 million dollars!

I know what you’re thinking. You mean to tell me there’s people who are making tons of money off digital stuff? Correct. Many believe that there’s never a better time to seize advantage of these opportunities in order to secure economic advantages. By taking advantage of a new and rising market in its early stages many may greatly benefit from the inevitable. If history is the best teacher, we know that the times do change and that for man to stay in control he must seek opportunities that exist in real-time.

In new markets, scammers are often targeting unsuspecting victims. An NFT investor and Youtuber tells new sellers and their customers how to avoid common NFT scams. The video has received over 60,000 views.


Must Read: How to avoid Cryptocurrency Theft and Scams – The Modern Time

While NFTs are seemingly taking off like a rocket ship, the market is still relatively new. With over 90% of the world still trying to figure out, just “what the heck is an NFT?”

Although NFTs originally started on the Bitcoin network, they didn’t really gain much traction in their early stages. Most people were still learning the value that Bitcoin would soon come to have as a global asset. This all changed in 2017, three years after the Ethereum Blockchain was discovered.

Marketplaces like OpenSea submerged which gave creators and investors the opportunity to locate, buy and sell NFTs in one place. Again, NFTs are digital proof of an asset and marketplaces are specialized online go-to facilities where NFTs are bought and sold. But for anyone to begin the process of investing in NFTs they must first understand Cryptocurrency. If you want to know more about how to purchase Cryptocurrency, check out How to open a Cryptocurrency Wallet for Beginners – The Modern Time, which offers beginner information on Cryptocurrency, including how to open and secure a wallet.

Conclusion

The NFT market was projected to be worth close to 10 billion dollars in 2021. Marketplaces like Opensea have reported that their marketplace accounted for some 1.48 billion dollars in sales volume, just in the month of August. Likewise the NFT marketplace is projected to be worth over 40 billion dollars by 2026.

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Ahki Justicehttp://themoderntime.com
Justice is a content writer, marketer and editor for The Modern Time, a website providing the latest news, resources and information in the growing world of Business, Technology, Health and Innovation.

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