“NFT – Non Fungible Token” is a household word now. They have become a trend overnight and we cant differ to say that the future of technology is already here, and here to stay for longer than we can ever imagine. It is very fascinating to see that NFTs have become crazily popular in a very short span of time (Thanks to Social Media), 23% of millennials in the US collect NFTs and are active members of the community. However, for a generation full of technological enthusiasts, there are still many people who do not have the complete exposure to this hot trend across the globe. In this article you will get an understanding of the highest ranking NFTs i.e Non Fungible Tokens and what to do once you purchase them.
Table of Content
- What is NFT?
- Popular & Trending NFTs
- What to do with them after Purchase
What is NFT?
NFT i.e Non Fungible Token is a financial security consisting of digital data stored in a blockchain, a form of distributed ledger. The ownership of an NFT is recorded in the blockchain and can be transferred by the owner, allowing NFTs to be sold and traded.
Now for those of you who had a difficult time digesting that, here is what NFTs are in simpler language – They are digital assets that represent real-world objects and things like artwork, in-game items, music and videos. They can be bought and sold online with cryptocurrency. They are usually encoded with the same underlying software as many cryptos in the market. The first known Non Fungible Token was created by Kevin McCoy and Anil Dash in May 2014. This NFT was a video clip created by Jennifer, McCoy’s wife.
The most defining characteristic of NFT is that they are very trustworthy and secure.
**Statistics Say – Nigeria is expected to have the biggest growth (21.7%) in NFT adoption.
Popular & Trending NFTs
Here are the Top 3 types of NFTs you must invest in
- Art : Art is by far the most popular and known form of NFT in the marketplace. Artists can sell their paintings, landscapes 3D animations, cartoons etc. on OpenSea, LooksRare, and many more and put their art up for sale in the form of NFT.
- Gaming : Buying gaming NFTs is 2022’s biggest new NFT trend. NFTs in the gaming arena have endless possibilities like earning avatars, weapons, game collectibles etc. in games while also being able to use them across different gaming channels and platforms.
- Virtual Land : As the Metaverse becomes reality, virtual spaces are also picking up pace. These lands are only present in the virtual world and represent the real world. You can develop, buy, rent and sell your virtual property.
**Stats Say – NFT trading volume rose by 704% between Q2 2021 and Q3 2021.
What do you do with NFTs after purchase
Essentially, the type of NFT you purchase largely determines what you can do with it. Non Fungible Token or NFT lives in the blockchain. NFTs most definitely have monetary value and can be bought or sold using cryptocurrency – It is said that an estimated 250,000 people trade NFTs each month on OpenSea.
Buying an NFT does not give the buyer legal ownership of the underlying media associated with the token. What you buy is actually the key to a unique or non-fungible token. You can trade, display or hold the tokens, however, it is easy to download the digital file associated with it like any other.
Having said this, I would also like to put light on the sentimental and prestige aspect of buying NFTs. Owning a NFT is like owning something rare, and yes of course expensive too. It has become more of a status symbol to buy NFTs and flaunt it among peers, as a symbol of having money or even more so as a symbol of being technologically advanced and aware. The most valuable NFT is worth more than $91.8 million as of today and this game is just going to get richer everyday. Social media has given ample of exposure to NFTs which is why it is now a trendy thing to own, just like a Gucci bag or the latest Apple Iphone, only in this case NFTs are much more valuable and are appreciating assets, unlike the ones mentioned above which only depreciate with time.
In Conclusion
As mentioned earlier, the Metaverse is here and it is bigger than ever before. NFTs can be used in the Metaverse in numerous forms. From gaming assets to mascots, avatars and even land and property and collectibles. NFTs will reap huge benefits for the early investors as the Metaverse is going to be the next big marketing and brand engaging platform the world has ever seen.
Written by
Jay Anthony,
Marketing Head, TECHVED Consulting
Tags – #techvedconsulting #jayanthony
Links –
#techvedconsultancy – https://www.techved.com/
#jayanthony – https://www.linkedin.com/in/techved-consulting/
Facts source: https://fortunly.com/statistics/nft-statistics/#gref
