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Non-fungible tokens (NFTs) have very close connections with cryptocurrencies, because they are created with the same kind of programming that are used for cryptocurrencies. Consequently, these cryptographic tokens are also made on blockchain technology. The main difference between cryptocurrencies and NFTs is that NFTs can’t be exchanged and can’t be traded, like other cryptographic tokens (Bitcoin, Litecoin, Ethereum, etc).
Long story short, NFTs are tokens that are used to represent some unique things or items, it can be an artwork, collectibles or, maybe real estate. Ownership of these tokens is secured by the Ethereum (the blockchain), so NFTs are unique and no one can steal or copy/paste your NFT.
How to use NFT tokens
NFT assets (tokens) are used for several reasons. First group of people buy NFTs to collect artworks or something like this. It is like in real life, when some collectioners buy very expensive artworks without getting material benefits. But there is the second group of people, who are more ‘farsighted’. This group’s members use tokens to earn some not bad money.
These people generate money by selling their NFT assets on internet, in special, NFT-dedicated marketplaces. There are a lot of marketplaces and platforms, where people can list, sell, exchange or even create NFTs. Here is a list of marketplaces, where you can contact with NFTs (This is not an advertisement): OpenSea, Rarible, Binance, NBA Top Shot, Nifty Gateway, SuperRare. This is just a small part of this kind of platforms.
I’ll bring some examples, when people earned a big amount of money, thanks to NFTs. The most valuable and famous NFT, that was sold, is Beeple’s Everydays: The First 5000 Days and it was sold for 69,3 million US dollars. That crazy amount of money was given for a collage of 5000 images in JPEG format.
And this is the art of modern times, it’s interesting, wonderful, sometimes strange and really useful, because you can earn money with that kind of art even not being an artist. And here’s a list of other NFTs, that were sold for a huge amount of money. Beeple’s Crossroads ($6.6 million), CrytopPunk #3100 ($7.58 million), Human One ($28.9 million), Clocks ($52.74 million).
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