The world of cryptocurrencies is ever-changing, and we often see new coins, trends, or strategies here that we have never seen before. This is also what makes it such an exciting market, and one for the trader that likes change and new opportunities. One of the latest trends we have seen is NFTs, and could this be the craziest crypto trend yet?
First of all, let’s have a look at what NFTs are. It stands for non-fungible tokens and holds the special ability that they cannot be replicated or copied. If you for example give one Bitcoin and get one bitcoin back, you still have the same amount of Bitcoin. If you, on the other hand, sell a vintage band t-shirt, signed by the artists, then we are talking about non-fungible things.
No matter how hard we try, we cannot copy it exactly. NFTs are connected to items, either fungible ones, or a piece of something digital. As every NFT is unique, it holds complete and sole ownership of the item it is connected to. If you think it sounds exciting, you can Go to https://buynft.com/ to get started on NFTs.
A growing phenomenon
Since these NFTs are connected to items, we have seen some obscure purchases lately. You will typically see NFTs in forms of art, often digital pieces that sell over the internet on auctions and markets. While we are used to seeing art be bought for millions of dollars, we usually see this in physical pieces. Decentralized finance, often called DeFi, has made NFTs very popular and more accessible for everyone. It has made it possible for individuals to buy NFTs by using fractionalized ownership. This enhanced the size of the market and liquidity of NFTs.
Companies investing in NFT’s
More and more are getting curious and fascinated by these NFTs, and the value they hold. We are also seeing companies that are dabbling with this, and show a real interest in the tokens. Toy-making giant Mattel, known for the creation of Barbie, Hot Wheeles, and the Americal Girl dolls has recently announced that they will be making Hot Wheeles digital collectibles by using NFTs.
Mattel is planning more NFT auctions over the years for their other toy brands as well. Twitter has also become well known in the NFT society. You can now sell your tweets as NFT, and you are probably thinking; Who wants that? The answer is somebody. Twitter CEO and co-founder Jack Dorsey tried to sell his very first tweet earlier this year. ‘Just setting up twitter was tweeted by him back in 2006, in March of 2021, 15 years later, the tweet was sold for $2,9 million to a Malaysian-based businessman.
There is no doubt that the world of NFT is going to grow, and it is also exciting to follow. Now that both the everyday man, and huge corporations can join in on the fun, we will probably see some obscure, but not the least fun sales and purchases through the years.
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