What is the Fuss All About in NFT
Did you know that a digital artwork was sold for $63.9 million in an online auction, surpassing the auction record of physical paintings? NFT has been making a buzz online and is often related to sums of money.
In essence, NFT or Non-fungible token is a collectible digital asset that holds value as a cryptocurrency and art of culture. It is similar to Bitcoin and Ethereum, but unlike the usual coin used in the Bitcoin blockchain, you cannot exchange NFTs. Hence, they are called non-fungible.
The unique feature of NFT is that it can store additional information. It exists in various forms, like digital art pieces or a music file, or anything stored digitally. In simple terms, they are like a collector’s item. Continue reading further if you want to know how it works and where to buy them.
Where to Buy NFT Tokens?
NFTs are available on various platforms. It just depends on your interest or what you want to buy. For instance, if you want to buy baseball cards, you should go to a site like digitaltradingcards because what you can find in other marketplaces are just generalized pieces.
After deciding what you will buy, it’s now time to fill your wallet with cryptocurrency. Here, you need a wallet specific to the platform where you will buy. Because there is a high demand for various types of NFT, sometimes they are released as ‘drops.’ This event is similar to the release of ticket batches at different times. .’
Here are some of the sites where you can buy NFTs:
NFTs are not just making a buzz in digital art. They are making waves as in-game purchases in several video games. Players can buy and sell playable assets like avatars, skins, and unique swords or guns.
Who Uses Them?
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Artists, gamers, and brands across the spectrum of culture make up the pool of NFT creators. It is not surprising that there is a new member added to the NFT marketplace. If you are an artist joining the NFT space, you add another format to create and share art. In this way, you offer your fans a new approach to support your work.
It is incredible that through NFT, small art pieces, GIFs, to more ambitious works, artists can provide people various approaches to support art while they create it.
As mentioned earlier, NFTs involve video games that transform the idea of buying assets in-game. Today, if you buy a digital asset in-game, it still belongs to the game company. Buyers just buy them for temporary use when playing the game.
Meanwhile, in NFT, ownership shifts to the actual buyer, allowing them to buy and sell across gaming platforms, with the added value applied depending on who previously owned them. NFTs have started shaking the gaming industry. The creation of games based entirely on NFTs has begun.
Why is NFT Controversial?
The NFT market generates loads of money. It is not surprising to know about the controversies surrounding it, mainly how they affect the climate. The creation of an average NFTs would require the use of a tremendous amount of energy. It would require more than 200 kilograms of carbon footprint, equivalent to driving 500 miles in a standard gasoline-powered car.
Another, ‘Coronavirus,’ a simple GIF, consumed 192 kWh in its creation, equivalent to one European Union resident’s energy consumption for two weeks. Just imagine how much energy a large digital art or a piece of music would require.
Artists can contribute to making efforts to have a carbon-neutral framework. However, the real problem lies in how cryptocurrencies like Ethereum and Bitcoin are built. These use incredible amounts of energy. For instance, Ethereum uses the same amount of energy as the whole of Libya does.
NFTs are a new plaything for the stinking rich people. They gave new meaning to digital art and priced them higher than physical art pieces. Hence, making them a real part of the future art and collectibles. Hopefully, the creation of NFTs, later on, would be more eco-friendly and use up less energy.