All About NFTs and The Reasons They Exist
NFT, NFT, NFT. This term has been around for two years and became popular in late 2020 and early 2021. The question is, what is it actually and why is it so famous? Is it that important to us? If we look at nft marketplace design Malaysia, it is true that it has become something that is common to us. NFTs became popularised in Malaysia and around the world through social media platforms such as Twitter and Facebook. What we are going to look into today is to get more understanding about NFTs and why they even exist in the first place.
Although they gained sudden recognition lately, NFTs have existed for 10 years. NFTs stand for non-fungible tokens which means they are unexchangeable, untradable and have their own significant uniqueness. Back in 2012, Meni Rosenfield released a paper and described the NFTs as “Coloured Coins”. At first, they were meant to be issued on Bitcoins blockchain but later projected as assets on Bitcoin.
The first ever NFT that was mint is known as Quantum. It was minted on May 3, 2014, by Kevin McCoy and Anil Dash who are digital artists. It was basically a short video clip portraying a lady named Jennifer who is the wife of McCoy. It was minted on the Namecoin blockchain and was sold for $4 to Dash.
2021 was the year when NFTs gained sudden recognition and we did not know the reason back then. All we know is the term NFTs suddenly became trending on social media and we had no idea what they mean. If you have at least one social media such as Twitter or Facebook, you would know how crazy it was when they were introduced. Many people were involved in them which was quite exciting because they did not really understand what NFTs were. These days, NFTs are not an irregular topic anymore and can be seen almost everywhere in the media.
Types of NFTs
There are a few types of NFTs that you can easily spot in the marketplace. They can be sold at a price that might not seem reasonable to you. That is how NFTs and other cryptocurrencies work. These are the common types of NFTs that are available all across the world:
The most popular type of NFTs is digital artworks. Digital arts can be in any form from drawing, painting, music and so on. Most of the artworks are usually drawing and painting. Many artists utilise this platform to sell their art to those who are interested in these types of artworks.
The world’s most famous NFT collectable is the CryptoKitties which was popular back in 2017. Anything that is considered collectables and sold on the marketplace has its own value and some of them are limited editions.
You probably know that some trading cards hold very high value and could reach thousands of dollars per card. The most expensive baseball card was sold for $6.606 million and yes, NFTs collectors are that rich. These items can be beneficial for them in the future and for long-term benefits.
These are some of the peek through of NFTs which might be helpful for you. If you are interested in any of these, you may visit AIO Metaverse where you can learn more about our topic today.