NFT: What is it? Why is it shaking up the Art World?
If you are big fan of art, you must know that famous artist Damien Hirst has just released his first NFT, entitled “The Currency”. When did NFTs become a hot topic?
What makes NFTs so valuable? What are NFTs? If you are interested in joining the party, you must read this ultimate guide to NFT.
What is the meaning of NFT?
The term “NFT” stands for “Non-fungible Token”.
To make it clearer, let’s break the term down into two parts.
Firstly, by “non-fungible”, it means NFT cannot be readily interchanged like standard coins such as Bitcoin and Ethereum – the value of one NFT is not equal to another.The concept is similar to when you trade a Pikachu for a Centarumon, interest NFT projects they are just completely different.
Secondly, NFT the definition of “token” means NFT shares the same kind of blockchain programming as cryptocurrency – each of them contains built-in authentication that serves as proof of ownership, making NFT significantly unique and scarce.
NFT was first created in 2013 and started to gather media attention in late 2017, thanks to the creation of CryptoPunks and CryptoKitties.
After the boom, NFT never lost its vibe as new developments continuously emerged in the NFT marketplace, several activities and projects even reached record-breaking sales.
