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Can NFT Mean Real Money

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NFTs have taken the whole world by surprise and they have been nothing short of a revolution in the crypto market. The amount of support it got from all over the world made everyone look at them with keen interest. While everyone is still awestruck by their emergency it is quite interesting to look at how they function and some of the coolest and the most expensive NFTs sold in history so far. To brief the audience NFT stands for Non-fungible Tokens. They represent real ownership of a particular product with a particular individual. They are assets that can be collected and hold value. Just as the other physical art works have limited editions, art that sells as NFT can also be categorized as limited editions.

How to create an NFT

It is very curious to know how people earn money from just creating an NFT. Can anyone create an NFT? Well since NFT are nothing but just an asset underlying the value of the physical art created by a person. This means that anyone can create an NFT provided he creates something physical and then convert that art into an NFT through blockchain mining and then sell it for millions. But before buying an NFT you should have an account where you need to have a crypto wallet. The fees charged by each platform for opening up of an account is very different so decide as per your earnings. Having said this, let us look at some of the most expensive NFT sold in history so far.

1) HAIRY ($888,888)– Many people have tried to make themselves popular by selling their pieces of art like paintings and portraits. Till now it would not be wrong to say that paintings have made their way out in terms of NFT. One such painting is that of the famous artist Hairy. It was purchased at a whopping price of $888,888.

2) METARIFT ($904,413)- Pak who is also known as the “Santoshi of NFT art” is someone who has made his name by creating straggling art pieces. His latest art piece is Meta rift. It is grouped into complicated pieces and represents various components of Chemistry like protons and neutrons.

3) Forever rose ($1,000,000) – This digital representation of the rose created by Kevin Abosch was sold at a whopping price of $100,000 in 2018 on Valentine’s Day. The creator of this digital art is not new to the world but this time he went to an NFT platform. This art was one of the most expensive art pieces to have ever been purchased during that time.

4) Cryptopunk #4156 ($1,250,000)- This digital art has been on the Ethereum platform since 2017 and there are around 10,000 of those present currently. This was made public by a two-member team of Larva labs. Each of these art pieces has different characterises and is thus unique.

5) Auction Winter Picks the name ($1,330,000)- The story behind this art is quite interesting, this was a song that was also sold with a right to rename it as well. The art was created by 3LAU in collaboration with Slime Sunday. This was one of the most expensive non-visual art pieces ever sold at that time.

Conclusion

Yes, the technology is just at its nascent stages but the amount of impact it has showcased in this small amount of time is very impressive. Many concerns regarding NFT remain the same like do they stand at the same parity as other ownership rights especially Intellectual property rights. Second, environmental concerns still loom around the same as it is believed that NFT is created from blockchain mining and they use up a chunk of power resulting in absorbing and leaving behind carbon credits that affect the overall score of each and every country. Despite this, it would be quite immature to shut down NFT at this stage because it has shown huge potential which cannot be sidetracked. So, the need of the hour is to move ahead in a calibrated manner. Use www.chesworkshop.org/bitcoin-revolution/ for purchasing your first bitcoin and live an enriching experience of trading in cryptocurrency.

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