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What is Non-Fungible token(NFT) that is in news?

What is NFT?

  • NFT stand for Non-Fungible token

  • “Non-fungible” more or less means that it’s unique and can’t be replaced with something else.

  • A bitcoin for example is fungible i.e. you get a like for like bitcoin but that is not the case with an NFT

  • NFTs are part of the Ethereum blockchain

  • Etherium is a cryptocurrency like Bitcoin or litecoin and is quiet famous

  • NFTs can really be anything digital (such as drawings, music, your brain downloaded and turned into an AI), but a lot of the current excitement is around using the tech to sell digital art.

Examples of NFT

1) Jpeg file by digital artist Beeple sells for over $69 million at NFT auction

Jpeg file by digital artist Beeple sells for over $69 million at NFT auction

  • A collage by American artist Beeple has become the most expensive digital image ever, with the blockchain-verified artwork fetching over $69 million at auction.

  • The artwork, titled Everydays: The First 5000 Days, was listed by Christie's on February 25 for only $100, becoming the first purely digital artwork backed by a non-fungible token (NFT) to be put under the hammer by a major auction house.

  • An NFT is a blockchain-based certificate of authenticity that can be assigned to virtual artworks to verify their origin and ownership.

  • As the artwork shot up to $69,346,250 on the final day, some 22 million people tuned in to follow the final minutes of the auction on Christie's website.

2) First tweet by Jack Dorsey sells at $2.9 million as NFT

  • Twitter CEOJack Dorsey has sold his first-ever tweet for more than 2.9 million US dollars (£2.09 million), donating the money to a charity battling Covid-19 in Africa.

  • The tweet has been sold as a unique digital token, known as an NFT (non-fungible token), following a bidding war between Sina Estavi, CEO of cryptocurrency company Bridge Oracle, and tech entrepreneur Justin Sun.

  • An NFT is a limited edition asset in the digital world, including jpegs and video clips, that can be bought and sold like any other item – but has no physical form of its own.

  • The NFT works as a certification for ownership of a physical asset which means the NFT will effectively function like a rare trading card.

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