Collectors have long been able to pay ridiculous prices for rare pieces such as action figures, sculptures, and Baseball cards, as well as antique automobiles. Collectable objects have now made their way into the digital realm in non-fungible tokens or, what we say, NFTs.
The whole world is changing like it was never changed before, and In these recent days, the actual prices of bitcoin just surpassed $60,000, and the world as a whole is noticing cryptocurrency.
Let's put everything together to see how the world and its innovation ecosystem are evolving and how you could be stretching digital moves alongside — or even in place of — your physical ones in the future.
NFTs, or we can say 'NFTies' is a type of digital asset. Their ownership is recorded on a blockchain, using similar technology to the networks that underpin bitcoin and other cryptocurrencies. But unlike other currencies, where every token is of equal value and could be swapped for any other, NFTs have unique qualities which stop them from being interchangeable or 'fungible'. The rise of the internet meant that images, videos, and songs
could be reproduced and distributed infinitely online, often without any royalties paid to their creators. And even tech giants such as YouTube and Spotify have faced criticism for not compensating artists sufficiently for their work.
We must first understand the term "fungible" to understand non-fungible tokens (NFTs) fully.
Fungible means to swap or exchange something with equal or similar value. If we say something is non-fungible, it is unique and cannot be replaced or owned by many people simultaneously. Fiat currency and even cryptocurrency could be an example of NFTs. Consider them the crypto alternative of rare Pokémon or baseball cards.
NFTs are often auctioned, much like drawing and painting, with prospective buyers betting against one another before a price is reached. As the world wide web grew in popularity, photographs, videos, and music could be replicated and circulated indefinitely worldwide, sometimes without the cost of royalty to their actual creators.
