An Update on Non-Fungible Tokens (NFTs)
Posted In: Predictions Posted On: 2021/06/26 12:03 PM Posted By: ituglobal
Fungible means that something
can be traded for itself. For example, you can trade one BTC for another BTC,
you can trade a dollar for another dollar, and you can trade a one-ounce gold
coin for another one-ounce gold coin.
Non-fungible means that you
cannot trade something for itself. For example, Leonardo DaVinci’s Mona Lisa
painting is non-fungible—you can’t trade it for another Mona Lisa.
NFTs or non-fungible tokens are
blockchain-minted artworks with unique encryption codes which allow for verified
authenticity and ownership. An NFT can represent anything from a digital art
piece to a song or cartoon, sports card, or a whole album. Even fashion
designers are getting in on the NFT craze.
More than 509,000 NFT artworks
were sold in March 2021 alone, totaling more than $85 million in sales so it's
kind of a big deal. If you want, you could draw a stickman on a sticky note,
take a picture of it and upload the jpeg as an NFT.
Elon Musk’s girlfriend, Grimes,
a Canadian musician, singer, songwriter, and record producer learned about NFTs
recently. As a result, she promoted one on Twitter and then made $6 million
selling it in about 20 minutes.
Author: Dr. Van K. Tharp
Profits from games of knowledge: https://www.predictmag.com/
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