NFT's(Non-Fungible Tokens)

                                    NFT's  Decoded .








Hey , there 

NFT's has become the new trend for investment after stock market and cryptocurrency , people are ready to buy nft's which are even  valued upto 30 crores.

So, let's know what are NFT's?

An NFT is a digital asset that represents a real-world object like art, music, in-game items, and videos. They are bought and sold online, frequently with cryptocurrency, and they are generally encoded with the same underlying software as many cryptos.


                              Beeple sold an NFT for  ₹ 5,12,51,47,500 


Although they’ve been around since 2014 , NFTs are gaining popularity now because they are becoming an increasingly popular way to buy and sell digital artwork.

 An astonishing amount of 12,92,42,85,000 indian rupee  and above has been spent on NFTs since November 2017, which is ridiculously a huge amount for JPEG's.

NFTs are also generally one of a kind, or at least one of a very limited run, and have unique identifying codes. “Essentially, NFTs create digital scarcity,” says Arry Yu, chair of the Washington Technology Industry Association Cascadia Blockchain Council and managing director of Yellow Umbrella Ventures.

This stands in stark contrast to most digital creations, which are almost always infinite in supply. Hypothetically, cutting off the supply should raise the value of a given asset, assuming the demand has been raised 

But many NFTs, at least in these early days, have been digital creations that already exist in some form elsewhere, like iconic video clips from NBA games or securitized versions of digital art that’s already floating around on Instagram.

For instance, famous digital artist Mike Winklemann, better known as “Beeple” crafted a composite of 5,000 daily drawings to create perhaps the most famous NFT of the moment, “EVERYDAYS: The First 5000 Days,” which sold at Christie’s for a record-breaking ₹ 5,14,74,30,750

Coming to the copyrights of an NFT there are some authentications for an image  as a proof of ownership. Collectors value those “digital bragging rights” almost more than the item itself. 

NFT's are a revolution for the transparency & authenticity as we have never had the means of confirming a digital piece  authenticity and ownership. Now, NFTs have finally given us the ability to attach irrefutable(can't be denied) evidence of creation and ownership to unique digital assets.And the interest thing here is these nft's are secured by blockchain technology.

Some of the most expensive NFT's ever sold are :-

1.Cryptopunk#7523

 which is sold for ₹ 87,27,60,625



2. Beeple's Human one

      which is sold for ₹ 2,15,40,47,500



As I told the catch over buying NFT's is you cant exchange the same NFT for the same one

like bitcoins can be exchanged for bitcoins, in NFT's you may get other NFT but  price may get lower in the future basically it's an asset that you can buy and keep for long until its value shoots up. 

Well, that's a pretty good thing but when it comes to risk , there are no boundaries to measure risk in NFT's because it all depends on supply-demand chain.

So guys here is a small question for you... 

 When anyone can see the individual images—or even the entire collage of images online for free. So why are people willing to spend crores on something they could easily screenshot or download?

Let me know in the comment section, guys!

--------------------------- BY- CH.TARUN SAI-----------------------------------------------

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