What Are NFTs and What Is The Hype About?

What Are NFTs and What Is The Hype About?

Ever since we started hearing about cryptocurrencies, another term started making news. Those are NFTs or non-fungible tokens.

If we observe, the trend of NFT often aligns with the trend of cryptocurrencies.

Check out the Google Trends of the last 5 years.

The first NFT was made much earlier, but it took 2021 to uplift the trend.

Just like you, most people are confused about NFTs. Something is looking flashy due to the millions of dollars some people made out of them.

But What Exactly NFTs Mean?

An NFT is a unit of data stored on the blockchain that certifies the ownership of some digital asset. It cannot be interchanged or replaced because of its uniqueness.

Any form of digital art like image, music, video, code, or any asset can be represented as NFTs.

NFTs help artists to sell their art without intermediaries. Artists can sell their art online without physical presence.

But anyone can screenshot or copy the art. Why are people spending millions of dollars?

Well, yes. Not all NFTs are valuable and many people started selling products already available publicly on social media platforms.

Do you remember how shitcoins exist because of some non-serious people? That’s similar.

However, some unique art pieces become extremely valuable due to their uniqueness and scarcity.

An NFT allows the buyer to own the original item with built-in authentication of the blockchain. Buyers even can flaunt those ownership rights.

But Isn’t This Sounding Similar To Cryptocurrencies?

Sure. It does. But it is not.

Currencies are fungible. Making it straightforward – they can be traded and exchanged for one another. Another bitcoin can exchange one bitcoin, and similarly, you can exchange a one-dollar bill for another dollar bill.

On the other hand, NFTs are non-fungible and cannot be exchanged by some other digital asset. It’s just unique on its own.

Moreover, cryptos can be divided into smaller parts for exchange, but we can’t do that for NFTs.

Which NFTs Made Loads of Money?

1] Everydays: The First 5000 Days –

Record-Breaking: Beeple's First 5000 Days NFT Sold for $69 Million
Image Source: CryptoPotato

An artist named Beeple created a magnificent art that combined nearly 5000 images of his life in a single frame. This art was sold as an NFT for $69.3 million.

2] Crossroads –

The Hidden Fees of Selling Crypto Art or NFTs — Explained
Image Source: Business Insider

This art shows a defeated President Donald Trump lying naked and covered in graffiti on the roadside. The buyer of this NFT was not aware which art he would receive because it depended on the result of the US presidential election.

Artists sold it for $6.6 Million.

3] The first Tweet of Twitter CEO Jack Dorsey –

Twitter CEO recently sold his first tweet as an NFT to Sina Estavi for $2.9 Million on 22nd March 2021. It is another exciting way to showcase how uniqueness can be auctioned and make money to creators.

These NFTs are not in the order of most expensive NFTs but just some examples of interesting cases.

But is it just possible for celebrities to make millions out of it? Can a common person sell artworks using NFTs?

Sure! Why not?

Let’s Talk How You Can Make Money By NFT?

UpSocial is working towards making this idea a reality.

It’s not just a social network. Users will be able to buy and sell NFTs using USN or any currency on the UpSocial platform.

Every piece of content that users will post on this platform is by default a piece of NFT. You are free to buy someone else’s ownership rights or you can simply sell your posts to make money.

Interested in knowing behind the scenes and progress that the team is making? Join us and stay tuned.