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NFTS (Non-Fungible Tokens) meaning a unique cryptographic token based on blockchain which cannot be replicated.

For eg. Consider the famous Mona Lisa painting, its unique in its own way and it could never be replicated to its original value. Similarly, NFTS are such assets in the cryptographic world.

Well, now you might think why would someone buy something virtually? The answer is, for the same reason people buy different skins and virtual items in a video game. Cause its fun and you want to look cool. So now if NFT is giving you an opportunity to buy such things while being an asset for you. Then why not? NFTS can be literally anything, right from jpegs/mp4s to CGI generated animations.

Now the question arise, what makes these NFTs unique?

Whenever an NFT is published on a marketplace, The NFT is stored on blockchain with all its information such as block number, hash number and other blockchain information. This all information is called as meta data of an NFT. This meta data of an NFT is what makes it unique.

Perhaps if you are an artist and thinking of publishing one, consider this, NFTs doesn’t provide you with any copy rights or claim certificates. They can be bought and sold. Which means you won’t have the ownership of your artwork after you sell it.

The NFT market grew rapidly from the onset of 2020, while NFT trading became popular and grew to $17 Billion in less than a year. Making huge sales and money for large NFT art projects such as “Bored Ape Yacth Club” & “CryptoPunks”.

But by the end of 2021, the NFT market faced a lot of controversary of being a massive economic bubble and was at the top for the most speculative investments but still today it continues to have influenced a lot of people buying jpegs for millions of dollars and contributing to a virtual universe.

However, an visionary future isn’t promising enough to prove a market’s reputation, only time can solve the mystery of NFTs. Will it become successful? I guess we’ll able to provide an definite answer to this question within a decade.

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