The acronym NFT stands for a non-fungible token, which means that it is one of a kind and cannot be edited or replaced. NFTs are exciting because they’re considered the digital answer to collectibles, with some people paying millions for them. This has created a new crypto audience, encouraging huge sales for digital artists.
New, presale coin Quitriam Finance (QTM) focuses on the ability to ‘forge’ and ‘mint’ NFTs on their platform. But why is this attractive? And what actually is an NFT?
Who?
NFTs are exciting for digital artists who have a new platform to promote and sell their work. Famous names to look out for include Pak (whose piece ‘The Merge’ sold for $91.8 million), Beeple (also known as Mike Winkelmann, whose NFT ‘The First 5000 Days’ sold for $69 million), and Larva Lab (he made nine Alien punks who make up the CryptoPunk series, the most successful of which sold for $23.58 million).
There’s huge money to be made in the NFT market. It has been recently popularised by Madonna, who made three NFTs using a 3D scan of her vagina giving birth to butterflies, a tree, and mechanical insects. The artwork sold for $627,000, and the total was split between three charities, demonstrating the positive impact that this wealth can make.
Collectors who enjoy having unique, one-of-a-kind pieces can engage in this crypto space to collect their favourite tokens. Ethereum (ETH) is the most well-known public ledger that distributes non-fungible tokens. Therefore, using the Ethereum blockchain, collectors can purchase and receive the valuable NFTs created by famous digital artists.
What?
You might be asking, but what are they used for? The most common use of NFTs today is in digital content, for example, coins like Decentraland and Axie Infinity are based in a digital cryptoverse and use NFTs.
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