Why is NFT trending today ?

What is NFT? (Non-Fungible Token)

An NFT is a unit of data stored on a digital ledger, called a blockchain, that can be sold and traded. NFTs can be associated with a specific physical or digital asset (such as a file or physical object) and a license to use that asset for a specific purpose. The NFT (and if applicable, the associated license to use, copy or display the underlying asset) may be traded and sold on digital markets. The illegitimate nature of NFT transactions often results in an informal exchange of title to assets with no legal basis for enforcement, often yielding little more than use as a status symbol.

Why do we develop NFT?

NFTs are files tracked by the same blockchain technology that powers cryptocurrencies like Bitcoin and Ethereum. This method allows buyers and sellers to keep clear records of file ownership. And so it allows buyers and sellers to keep their currency safe and secure.

Is NFT beneficial for you?

Well, it totally depends on whether you are a buyer or an artist?

The Advantages of NFTs for Artists

NFT has opened up a new world for digital artists. The ease with which users can copy images online makes selling digital work a challenge. However, the NFT process offers artists a way to get credit and sell their work.

The Advantages of NFTs for Buyers and Collectors

NFT buyers are attracted to the exclusive ownership that the format allows. For collectors, it is the satisfaction of owning an original work of art. They can also earn revenue by selling public usage rights.

• Valuable
• Exclusive
• Secure

Why is NFT trending all over the world?

Web 3.0 will take off - Where previous versions of the web were all about reading (data viewing) and reading and writing (social media and experiences), Web 3.0 was about "owning and getting rewarded" in worlds and games playas Decentraland and Fortnite. The development of the Internet with NFT will be equipped.

Google Trends data shows interest in ‘NFT’ is now greater than ‘crypto’.

• Non-Fungible Token (NFT) is all the rage and was one of the most popular searches in 2021. Google Trends data shows that for the first time ever, global searches for the term “NFT” appear to have exceeded searches for “Crypto”. 

• According to Google Trends, a service that tracks the most popular combinations Google users search for "NFT" and "crypto" is no longer the most popular search on Google's search engine. 

• For those who don't know, NFT allows users to own rare digital artifacts through a crypto-powered blockchain network. All forms of art, tweets, music, GIFs, and other digital assets can be kept through NFT. The possibilities for buying and selling digital assets are endless.

Softskillers

Author & Editor

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