In recent years NFTs and Crypto had gained a lot of traction in the minds of people. Especially when the price of Bitcoin boosted from one-tenth of one cent to thousands of dollars it took the attention of many. When the most trustable assets like gold were suffering depreciation. During such a difficult period bitcoin was flourishing. This took the attention of many investors and they started spending their money on Bitcoin.
This is how the world of cryptocurrency started becoming familiar to the public. As cryptocurrencies were evolving day by day NFTs took birth. Quantum is considered the world’s first NFT which was discovered in the year 2014. In 2016 collectible cards came which created the first crypto art market. Similarly, after them, many evolutions happened to give NFTs the real look of how they look now.
NFTs are defined as a cryptographic asset that runs on blockchain but with a unique identification code and metadata that helps to distinguish them from one another.
The special thing about NFTs is that they cannot be replicated. Which makes each NFT unique in itself and increases its value for its uniqueness. Nowadays NFTs are building up which are representing real-world artwork and sometimes even real estate.
There are many collectors present in the market who are art-enthusiastic people who collect NFTs and even sell them for better money.
Just like cryptocurrencies NFTs are also created after minting. Through this process, the information of NFT is recorded on the blockchain. The process of minting also involves incorporating smart contracts that manage the transferability of the NFTs.
Cryptocurrency is defined as a digital or virtual currency. It is different from the normal fiat currency because it does not have a single owner. There is no organization that controls it. Instead, it is managed and promoted by the community. These community members also upgrade the currency to make it better day by day.
Blockchain is a very essential part of running cryptocurrencies. As the name suggests, blockchain is nothing but a connected block of information ledger present online.
both NFTs and crypto are based on blockchain networks which results in many similarities between the two. But crypto is a currency and is fungible. It means the value of one cryptocurrency will always be equal to another for example. The value of 1 Bitcoin currently is 26,867.70 USD and the value of another bitcoin will also be 26,867.70 USD This rule applies for all cryptocurrencies because all have the same value. This is not the case with NFTs; they are nonfungible which means a thing that is unique in itself and it is not possible to replace it.
Thus, every NFT is unique in itself. hence their values are also not the same. Every NFT has a unique value.
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