Celebrities and cricketers these days are making news for a common passion. No, no IPL But something called NFTs. starting with Amitabh Bachchan And Salman Khan From the film industry to other cricketers including Zaheer Khan and Dinesh Karthik, the buzz around these days is about NFTs.
But what exactly are these NFTs? And should you invest in them? Let’s find out with a deep dive into the fascinating world of NFTs, arguably the most popular buzzword of 2021.
What are NFTs?
NFTs are short for non-fungible tokens; These are virtual assets that have no physical or tangible form but can be sold as a single piece of property so that only the owner has the original copy of the asset. Let’s break it down a bit.
Fungible means interchangeable – so one fifty rupee note can be exchanged with another fifty rupee note without anyone claiming to be the owner of that exact note. In effect, feasibility allows fiat currencies issued by central banks as a medium of exchange for business.
Non-fungible, on the other hand, means that the tokens or assets in question are not exchangeable. Therefore, any artwork or piece of property purchased by you as NFT will be unique and will always be the original copy of the owner. Therefore, NFTs can be viewed as digital assets as collectibles that cannot be exchanged.
How NFT Ownership Works –
Ethereum leads the others when it comes to NFTs. You can buy Ether on crypto exchanges like zebpe Using INR. Ether is the cryptocurrency on the Ethereum network, which is the blockchain. Remember, the value of cryptocurrency can also be changed, so an Ether owned by you is the same as Ether owned by your friend.
On the other hand, once you create an NFT, which is essentially a unique cryptographic token, using the Ethereum blockchain, you own it and can auction it to the highest bidder. Buying NFTs is as easy as paying the auction price in cryptocurrency and collecting it as your own unique art and with your name added to the blockchain to show ownership. A person who has purchased an NFT can also sell it to any other interested party, although the blockchain platform will always reveal the name of the creator and subsequent owners in order to preserve its digital history.
NFTs can be any digital asset, from artwork to paintings to motion posters, music pieces, game plays, video posts, memes or even your social media posts! Twitter’s Jack Dorsey sold his first tweet as an NFT in March of this year for over $2.9 million.
How much does NFT cost?
The world woke up and paid attention to NFTs after digital artist Beeple sold its NFTs under the name ‘Everydays’ for $69 million. Since then, people have bid and sold all kinds of NFTs which often run into the millions of dollars. Memes like ‘Disaster Girl’ have sold for $473,000 and ‘Nyan Cat’ for $590,000. Other popular NFTs include Rick and Morty, Cryptopunks, and the original source code of the World Wide Web, among others.
The Indian Connect-
NFT is going to become a topic of discussion in India as well. Actor Amitabh Bachchan has launched his own NFTs, which are based on his life and also feature verses from his father Harivansh Rai Bachchan’s famous work Madhushala, which the actor recited on a platform called Beyondlife. Sunny Leone has also become the first Bollywood actress to launch her own NFT collection of unique, hand-animated art. Salman Khan has also announced his foray into NFTs on a platform called Bollycoin.
Cricketers are also not far behind. Dinesh Karthik converted the last ball six into NFT during the Nidahas T20 series against Bangladesh. Rishabh Pant has joined Rario, a platform dedicated to licensing cricket memorabilia, to create exclusive digital collectibles of iconic cricketing moments of Pant.
Actor Vishal Malhotra, rapper Raftaar and Cricket Foundation, a Singapore-based blockchain platform have also announced their foray into building Cricket NFT with the support of players like VVS Laxman, Parthiv Patel, RP Singh, Piyush Chawla, Deep Dasgupta, Pragyan Ojha . .
With so much happening around NFTs, it is safe to assume that the frenzy around these digital assets has just begun. Now that you know what NFTs are, keep an eye out for more announcements from these celebrities coming soon and you can be one of the first to have an NFT featuring your favorite cricketer or Bollywood personality in your collection. Huh.
Don’t forget to start your own cryptocurrency journey and keep up with your favorite celebrities too. Start Your crypto investment today.
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