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NFT

About NFT

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What is NFT?

NFT, the acronym for a non-fungible token, is a unit of data stored on a digital ledger called a blockchain that certifies a digital asset to be unique and therefore not interchangeable. NFTs can be used to represent items such as photos, videos, drawings, audio, artworks, tweets, animated GIFs, songs, games and other types of digital files.
 
NFTs are digitally unique due to different attributes, hence, two NFTs are never the same.
NFTs, seen as the start of a new age of digital art, are unique units of data stored on a blockchain and can be used to represent easily reproducible items to establish proof of ownership and authenticity.
 
Since each NFT is unique, it acts as a collector’s item, although many people also buy them as speculative investments. However, the NFT written on a blockchain cannot be altered or reproduced as blockchains are digital ledgers, where entries cannot be changed, once entered and saved.
 
NFTs allow people to buy and sell ownership of the unique digital assets in cryptocurrencies and keep track of who owns them using the Blockchain. An NFT can be sold, and every time it is sold, there will be a blockchain entry of transaction, so the provenance of the NFT is always known. NFT typically enables content creators to launch their own NFT store or marketplace under their domain name.
 
Sales of NFTs
 
In 2021, Twitter CEO Jack Dorsey’s first-ever tweet — “just setting up my twttr”— was sold as an NFT for $2.9 million. Among the biggest beneficiaries, digital artists like Beeple (Mike Winkelmann) entered the rec­ord books when a JPG file he creat­ed as an NFT sold for $69.3 million, the highest price ever paid for a piece of artwork that exists only digitally. The rock band Kings Of Leon’s eighth album, “When You See Yourself”, became the first maj­or rock album to be released as an NFT.
 
In October 2020, the NBA launched NBA Top Shot, a market­place where fans can buy and sell basketball-related NFTs — which can be anything from a still photo, a GIF to the highlight of a dunk with embedded graphics.

Latest Updates on NFT

Meta will focus on areas where it can make an impact at scale, like messaging and "monetisation opps" for Reels"

Updated On: 14 Mar 2023 | 11:04 AM IST

This ability to unlock the va­lue of small, difficult-to-discov­er and interesting films is what ProducerBazaar hopes to ach­ieve at scale

Updated On: 28 Feb 2023 | 10:25 PM IST

To set up Blockchain-e-commerce Centre of Excellence towards this end

Updated On: 02 Dec 2022 | 8:47 PM IST

Meta has announced to test ways to buy and sell non-fungible tokens (NFTs) to fans and collectors both on and off Instagram

Updated On: 03 Nov 2022 | 10:44 AM IST

VR headsets are gradually becoming somewhat accessible, with an Oculus Go priced at Rs 22,000. Several start-up founders say they are also developing software for laptops and mobile devices.

Updated On: 12 Oct 2022 | 6:03 PM IST

In Q2 2022, NFTs have been the topic of more debates than ever, although opinions have changed resulting in a decrease in optimism.

Updated On: 24 Aug 2022 | 9:44 PM IST

Report mentioned that without improvements in on-chain representation and transfer of intellectual property rights from NFT issuers to NFT token holder, expansive vision of Web3 will remain unrealised

Updated On: 23 Aug 2022 | 6:48 PM IST

The crypto niche is on course to record its first month with under $1 billion in sales since June 2021, according to data tracker DappRadar

Updated On: 29 Jun 2022 | 10:14 PM IST

While the world of NFTs is still in its infancy, many have been quick to realise the potential of this new digital asset class and the multitude of ways they can be used

Updated On: 27 May 2022 | 3:53 PM IST

FanTiger empowers independent artists to build fan communities on the platform and enable fans to help shape their career using music NFTs

Updated On: 26 May 2022 | 8:09 PM IST

But market is filtering out non-worthy assets

Updated On: 18 May 2022 | 6:10 AM IST

Revise offers developers the rails to program NFTs to interact with apps and data

Updated On: 30 Apr 2022 | 12:38 AM IST

The investments are part of the firm's Series A round, disclosed in November last year, which valued the company at $3.4 billion, MoonPay said

Updated On: 13 Apr 2022 | 4:38 PM IST

Called the 'Visa Creator Programme', the initiative will help next-generation entrepreneurs understand and use NFTs

Updated On: 30 Mar 2022 | 11:08 PM IST

This makes it the second-largest crypto theft on record, according to blockchain analysis firm Elliptic

Updated On: 29 Mar 2022 | 11:17 PM IST

The unreleased track, which is in Tamil, was the last ever devotional track recorded by SPB a few weeks before he passed away in September 2020 following complications due to Covid-19

Updated On: 29 Mar 2022 | 12:53 PM IST

With new rules coming into force in April, several investors are booking profits, rejigging portfolios or moving their virtual assets outside of India

Updated On: 28 Mar 2022 | 5:11 PM IST

An online platform for trading officially-licensed digital cricket collectibles, is raising about $100 million in a new funding round with backers including Cristiano Ronaldo

Updated On: 18 Mar 2022 | 9:04 AM IST

As NFTs are all the rage these days, Facebook chief executive officer (CEO) Mark Zuckerberg is planning to let Instagram users mint non-fungible tokens (NFTs) on the social media platform

Updated On: 16 Mar 2022 | 11:16 PM IST

IT services major Tech Mahindra, too, has entered the space with TechMVerse and will offer a metaverse based car dealership and a virtual bank among other things

Updated On: 08 Mar 2022 | 6:02 AM IST