What is the Essence of NFT and Why Buying Cryptocurrency is Good?

Essence of NFT

In the modern world, cryptocurrencies have gained a foothold in our lives. It is possible to buy goods with digital coins, get a salary and trade on different platforms. Alongside cryptocurrencies, NFTs have become prevalent. Let’s have a look at both of them in more detail.

Meaning of NFT

The value of NFT works in the following way in art. You can have five identical digital tulips, but they are all accounted for. NFT is a blockchain ledger that provides various options for accounting for digital objects. Previously, digital objects had one shell, but now the world and social concepts are changing, in which our digital object is the subject of physical material property. There is also personalization – the item belongs to a specific person.

Some people mistakenly think that cryptocurrencies and NFTs are the same. Even though they share some similarities, we need to point out that cryptocurrencies are completely different. With them, you can buy different things, even play on the 20 Bet website. NFTs are tokens that grant you unique ownership of an item. 

The NFT itself was invented by a group of developers. Vitaly Buterin created the Ethereum network (cryptocurrency and a platform for creating decentralized online services based on the blockchain). This happened back in 2015. He was the first to create such a network for the development of entrepreneurs in the digital economy. Now the founder of Ethereum is number one in the world in the field of technology development.

New Direction in Art

New Direction in Art

What is created with the help of code, and technology, which reflects economic and technological progress is a very good choice for an artist who dreams of not only selling his work but still getting into museums, becoming interesting to the international community of collectors.

Who are collectors in this direction? They are close to cryptocurrency and crypto assets. They have the opportunity to buy such art. There is also a lot of interest from art collectors now. The main thing is that this is a person who knows how to buy.

How Much Does NFT Cost?

How Much Does NFT Cost

This art was expensive at the beginning of 2021 because there were only artists in the arsenal. Naturally, some of them had already formed a price on the market, some had echelons of crypto fans. Plus, Ethereum with Bitcoin has grown very strongly. Though, buyers had a question: “But how are we going to make money on this?” And there were collectibles.

Of course, from the point of view of art, this can hardly be called art, although generative code is used there. Digital artists release collections, people buy a piece of this collection. One NFT can cost $50, $100, $200. The cost of good projects is 200-300 dollars. And they tend to rise in price very quickly. For example, we can provide an instance of the famous crypto monkeys. They can provide access to some communities, to some games. And the owners of such stories made huge profits, but at the entrance, they paid very little.

Why Crypto is Good? 

Every person knows or probably heard of Bitcoin – the world’s first and largest cryptocurrency. When it first appeared in 2008, no one had an idea of its capabilities but gradually, it conquered the financial industry. 

First of all, Bitcoin alongside other altcoins is safe and faster. Your anonymity is preserved and the only thing that is shown to the sender is your unique code. There is no additional information regarding your identity. Secondly, when we are talking about transactions, you do not need to care about waiting for several days, before your bank approves them. Everything happens in several hours.