By Arthur
January 2, 2022

What is an NFT? What does NFT mean? & How Does it Work?

What is an NFT? What does NFT mean? & How Does it Work?

What is an NFT? NFT Meaning? NFT Explained!

The most common word used to attribute NFTs is "one-of-a-kind." Indeed, NFTs are unique in every sense of the word. NFT stands for Non Fungible Token, meaning you can't trade one art for the other because each one is exclusive to its owner. Simply put, streaming platforms allow musicians to accumulate wealth from listeners' streams. Interestingly, the thousand dollars a musician earns per million plays; an artist can make that or even more from selling a single NFT art. It makes you more curious. Well, read on because this article concisely contains vital details of NFTs. 

What does NFT mean? 

One of the most critical keywords in NFT is "digital ownership." Consequently, an NFT is a cryptographic, digital asset created with distinguished metadata and codes on the blockchain. You create, you own, and no one can take that away from you!

NFT Explained; how does it work?

Fortunately, NFTs aren't only for artworks; other forms include music, videos, essays, and oddly, tweets! For instance, Twitter founder Jack Dorsey sold one of his oldest tweets turned NFT for $2.9 million. Also, an NFT clip of famous basketball player LeBron James was acquired for $71,455. It is indeed a world of endless opportunities! 

Art theft is on the rise globally, with over 50,000 crafts stolen every year. Even physical pieces of art are being stolen and duplicated. Imagine the horror of uploading your art on the World Wide Web without due diligence. NFTs are designed to store records of the owner of exclusive artwork. A typical NFT digital art record reads thus: 

"AJ owns the rights to this song (URL to song). He purchased it from Betty (the original creator) on 02/01/2022 for $28,500."

What's the Buzz in the NFT Marketplace? 

NFT gurus have hacked the game of selling their arts at incredible prices! Some NFTs are worth a fortune, ranging from thousands to millions. NFT investing has made millionaires out of popular digital artists, such as Pak, Mad Dog Jones, Beeple, and more. Examples of amazing sales in the NFT marketplace are:

  1. CryptoPunk #3100 sold for $7.58 Million
  2. Replicator cost $4.1 Million
  3. Human One acquired with $28.9 Million
  4. The First 5000 Days bought with $69 Million
  5. Stay Free cost $5.4 Million
  6. Crossroads sold at $6.6 Million
  7. CryptoPunk #7523 worth $11.7 Million
  8. The Merge sold for $91.8 Million
  9. Ocean Front traded at $6 Million
  10. This Changed Everything sold for $5.4 Million
  11. Doge valued at $4 Million

Other examples of NFTs for sale include:

  • A sock sold for $60,000
  • A looping video worth $26,128
  • A cyber flower cost $20,000

In Conclusion, 

You made it to the end of this article which means you are ready to start your NFT journey! By now, you already know what to expect in the NFT sphere and how to navigate the intricacies. Before you get to create, watch out for our subsequent article where we guide you further. Here, we leave you with the quote: “If you are an artist and still don't use NFT (Non-Fungible Token), you are potentially missing millions of dollars.”