All you need to know about NFTs
Since NFTs came into mainstream in 2017, it never looked back. There have been modifications, upgrades, added use-cases among others since then. Crypto enthusiasts are now taking advantage of NFT, even artists are now seeing the possibility of them saving their art and earning from it. Knowing much about NFT is not as hard as people think, it is just as easy as learning about the blockchain.
There are some facts about NFTs that anyone about to get involved ought to know, some are expected while others are not.
=> NFTs can not be duplicated, but they can be shared and consumed. It is about proof of ownership and creating digital scarcity.
=> NFTs can be used to store value and an easy substitute for stocks and Cryptocurrency. Options vary from digital land to retail digital art among others
=> NFTs pay the bills of artists and help them sell their work without the fear of piracy.
=> Through blockchain technology, NFTs help artists lay claim to their original works without having to go through paperworks.
=> NFTs are basically unique digital autographs. They are anything ranging through music (albums), photos, books, blogs, and even Tweets.
=> NFT creators can opt-in to automatically collect royalty from every transaction. There are smart contracts written to enable perpetuated payment for all future transactions.
=> The total volume of all traded NFTs is very little compared to the art-forging industry.
=> CryptoPunks are the first non-fungible digital art ever created. The project came to life in 2017, boosting the Ethereum ERC-721 standard that fuels most of today’s NFT art.
=> Ether’s price was $320 at the time the first NFTs were minted.
=> Minting NFTs potentially demands massive energy expenditure, affecting climate change.
=> Colored Coins tried to embed proof of ownership within a Satoshi (Bitcoin units) in 2012, but the technology did not support it. This was the earliest attempt at NFT.
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