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.

Notable facts.
=> 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.

Join us: http://rebrand.ly/tw-DeFiHub
Also, learn how to mint NFTs on OKEx here: https://rebrand.ly/wv0btfb

About OKEx
A world-leading cryptocurrency spot and derivatives exchange, OKEx offers the most diverse marketplace where global crypto traders, miners and institutional investors come to manage crypto assets, enhance investment opportunities and hedge risks.

We provide spot and derivatives trading — including futures, perpetual swap and options — of major cryptocurrencies, offering investors flexibility in formulating their strategies to maximize gains and mitigate risks.

Follow us:
Twitter: https://twitter.com/OkexAfrica
Facebook: www.facebook.com/OKExAfrica
LinkedIn: https://www.linkedin.com/company/okex/
Medium: okexafrica.medium.com
Telegram group: https://t.me/OKExAfrica
YouTube: https://youtube.com/channel/UCgmKy1Aa0vJGoD-5eTSf9gA

--

--

--

The African section of the world’s largest one-stop cryptocurrency exchange; security, liquidity, ease of use & competitive rates all in one place.

Love podcasts or audiobooks? Learn on the go with our new app.

Recommended from Medium

Blockstream Markets Weekly — Sep 3, 2021

$MOOV Tokenomics: The Token Distribution

1.8M sUSD to be Invested on the dHEDGE Platform

Bitmain Antminer B3 Reviews, Price And Profitability

It’s the settlement assurances, stupid

Rango <> cBridge v2.0 Integration, clash of perfectionists!

WEEKLY RECAP: TikTok, Quaresma, Figo, partnerships and more

Digital signing is live

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
OKX Africa

OKX Africa

The African section of the world’s largest one-stop cryptocurrency exchange; security, liquidity, ease of use & competitive rates all in one place.

More from Medium

2022 Letters — To my Grandchildren

I Write, You Read…Maybe

MIRROR, MIRROR