NFT means a token given in the digital form to original art objects in the world.
The phenomenal growth of the digital world and the expansion of blockchain technology has increased demand for NFT tokens. Although the NFT tokens have been in the market for more than 7 years, their growth has risen at a monstrous pace since 2017. As the market for NFTs is increasing day by day, the biggest corporates also turned their eyes to the NFT. Subsequently, various digital platforms from western countries started switching to the NFT. It has been reported that Facebook will be the latest to join it.
Speaking to Bloomberg, Facebook executive David Marcus said in response to a question on the NFT that they are ready to take advantage of all possible means. Now that the Facebook market is in good shape, we have no hesitation in setting foot in the growing market, he explained.
What is NFT?
NFT means a token given in the digital form to original art objects in the world. A patent was given to their original items, whether it is music, song, video, coin, Twitter recording, etc. Similarly, other forms of art are licensed in the form of cryptocurrency. By obtaining the patent of that original product, one can auction the works again and sell them at a good price.
Buyers of that artwork can sell at a much better price later on. If you want to use particular artwork, you must obtain a patent amount and permission from the holder of the token. This will result in good returns. The token, which looks like bitcoin in digital form, is designed to be highly technical so that no one can copy it.
NFT Token Examples
Twitter founder Jack Darcy's first tweet was sold through NFT for 2.9 million. Recently, a girl named Jose Roth, also known as Disaster Girl, sold her photo through an NFT auction for Rs 3,70,52,697 crore. Jose Roth is smiling in front of a house in 2005 when it was burning. The photo, taken by his father, went viral on the internet. He sold the photo through the NFT and used the proceeds to pay off the debt stake. Tik Tok is also sold in NFT. Since the first Oscar nomination list, a various original copy has been sold at the NFT auction.
Recently, Twitter sold 140 NFTs for about $5 million and raised funds. The practice of NFT claims is growing in western countries. It is said that this time in India it is not possible to participate in the auction as it can only be participated in the auction using cryptocurrency. This is because there is a ban on cryptocurrency in India.
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