NFTs in a Nutshell

in LeoFinance4 months ago

NFT, which refers to "non-fungible token" is almost the most popular thing in the crypto space currently. One cannot help but notice the stunning things happening in this sector of blockchain technology. Numerous NFT enthusiasts have made life-changing amounts courtesy of NFTs. Sometimes, the huge sums made from flipping arts, images, videos, and the likes are hard to believe, if told to an alien in the space.


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Conversely, a lot of rug pulls have been recorded in the NFT space resulting in huge losses for some users. For this reason, a lot of care should be taken and security measures observed when indulging.


Just recently, a group of persons known as the 'Coffin Dancers' sold their listed Coffin Dance video for a whopping 327 ETH. This was equal to a groundbreaking $1,045,409 at the time of purchase, according to a tweet


Interestingly, a Dubai-based music group 3FMusic did the acquisition. According to their bio, they are one of the best and most well-equipped music studios in the Middle East. Also, 3FMusic is a pioneer in providing top-of-the-class services for anything related to sound.


Non-fungible tokens are said to be the future of the internet and that's indisputable. While some say, NFTs cannot be ignored as it is a key feature of the metaverse. Refusing to pay attention to NFTs could mean missing out on something very eruptive.


About Non-Fungible Tokens (NFTs)


Let's begin with this: non-fungible more or less means the ability for something to be unique and lacking the ability to be replaced with something else. While a crypto token is a denomination of a cryptocurrency.

Hitting the nail on the head, non-fungible tokens are tokens used to represent ownership of unique items. These items could be arts, collectibles, music, images, real estate, etc.

Also, NFTs can only have one official owner at a time and they are secured by several block chains like Ethereum, Solana, etc. Take note, that no one can modify the record of ownership or copy/paste a new NFT into existence.

On the whole, NFTs are currently taking the digital art and collectibles world by storm. However, digital art is not the only way to use NFTs. They have several other use cases and applications.

Notably, NFTs help in solving one of the problems existing in the internet today. In the world today, everything is becoming digital and there is a lot imitation and copy-pasting. Thus, NFTs also helps in giving proof-of-ownership and showing uniqueness.

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