NFTs have taken the artistic world by storm in recent months, with a high number of creative non-fungible token ideas coming out of the woodwork. The most popular NFT at the moment is a Beeple-crafted NFT that was sold early this year at the world-famous auction centre for a whooping $69 million. As the NFT space continues to swell, the major questions that NFT collectors and buyers are asking is, “How do I display my NFT?”
NFTs have caught the eye of the high-brow art, major corporations and tech investors alike. Artists and musicians have been leading the charge with highly priced virtual creations of their own. But what exactly are NFTs and what makes them so valuable?
NFTs are not a new concept as they’ve been around since the CryptoKitties wave that jammed up Ethereum blockchain in 2017. However, the NFT space has been working on itself silently, and has been improving with every passing day. This became evident when recently, musicians and artists alike began making fortunes from NFTs. What NFTs do is that they allow art appreciators and art collectors to own creative digital works from artists, and more and more artists are taking advantage of this trend.
Recently, NFTs (Non-Fungible Tokens) have been experiencing a trading boom. The NBA has embraced it through Top Shot, Grimes sold a piece of art via NFT for $6 million, the Kings of Leon are planning to release their latest album as NFTs, and interestingly, a non-fungible token was sold at Christie’s for a staggering $69 million. NFTs allows art creators to monetise their digital content, and guarantees the artwork’s authenticity. So, what is all about the NFTs and what technology underlies them? In this article, you will find out the technologies that underly NFTs and they include Bitcoin cash, Flow, ERC-721 and ERC-1155 among others.
Over the past decades, investors have hugely used the security of hard assets such as vehicles and land to build and maintain their wealth. Recently, commodities such as artwork, whiskey brands, sneakers among others have grown exponentially from mere collectibles to worthy investments even to the tune of millions of dollars. In addition, cryptocurrencies like Ethereum and Bitcoin have been gaining widespread recognition by corporations and retail investors alike. In turn, this has catalysed the demand for blockchain powered technology.
You can transfer a NFT using your Ethereum wallet; each NFT contract address has a function that allows you to transfer it to another address. Each token contract address can be found using a blockchain explorer.
The quickest and easiest way to check the authenticity of an NFT is to inspect the metadata of an NFT using a blockchain explorer, such as Etherscan.io. You will need to either locate the asset on the blockchain or ask for the wallet address of the person who is sending you the asset to ensure it actually exists and is in their possession. Here’s how to do it:
NFT stands for ‘non-fungible token’. Non-fungible tokens are tokens that are unique, meaning that each token is only equal to itself, and there is no other token in existence that is the same as it.
NFTs, known as Non-Fungible Tokens, are a new asset class, and you can invest in them in a variety of ways. You can buy NFTs like you would any other cryptocurrency. You can also buy NFTs using a NFT exchange. And if you don’t want to buy NFTs, you can earn NFTs by completing activities such as playing online games.