NFTs 101: Here’s Everything You Need to Know About the World of Non-fungible Tokens

What are NFTs and why are some worth millions?

There’s nothing like an explosion of blockchain news to leave you thinking, “Um… what’s going on here?” That is the feeling we experienced while reading about ‘Nyan Cat’ being sold for nearly BD 260k and the first Twitter tweet which simply read ‘just setting up my twttr’ sold for BD 1 Million!

So it leaves us wondering what NFTs are and why are they taking the world of art and gaming by storm!

An NFT is a token issued on a blockchain to represent exclusive ownership of a digital asset, which could be a photo art, music video, GIF, or even real estate. It is Non-fungible because each one is a unique digital asset with a unique identifier. Two NFTS can look very similar but are not interchangeable!

An NFT’s value is determined by market supply and demand. You are the sole owner and creator of your NFT and you determine their scarcity. We all know that a sense of rarity increases market interest. 

So allow us to take you through the most expensive NFTs sold. This is gonna surely blow your mind!

  1. Everydays: The First 5000 Days is a digital artwork by an American graphic designer better known as Beeple. The NFT is a collage of Beeple’s 5,000 earlier artworks and was sold for a jaw-dropping BD 26 Million!
  2. Clock: A dynamic timer counts the number of days that Julian Assange, the founder of WikiLeaks, has spent in prison. Curated by digital artist Pak and himself, this sold for a whopping BD 20 Million!

So what’s stopping you? 

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