Non Fungible Tokens - The Next Big Thing In CryptoVerse

NFT's or non fungible tokens are the new talk of the town. Being sold at hefty prices, celebrities and common man alike are investing in this new venture to gain maximum profits. Let's dive deep into the concept of NFT's and understand the thought process behind it.

  • Jan 04, 2022
  • 2 Mins
  • 17
  • Updated : Feb 10, 2022

!What Are NFT's?

Nft's are cryptographic assets based on block chain technology having a unique identity. Unlike crypto currencies such as Bitcoin and Ethereum which have identical value and can be traded and exchanged. NFT's are non fungible in nature, meaning each nft has a different monetary value.

Nowadays, nft's are being used to represent digital artwork as more and more artists around the globe are creating their artwork in the form of NFT's and are getting a good price for it.

Recently, the former twitter CEO Jack Dorsey created a tokenized version of the first tweet he ever wrote:

just setting up my twttr Can you imagine the price that nft has been bid up to…? 2.5 million dollars, I know it sounds crazy but this is the reality.

Why The World Is Getting Crazy About NFT's

Nft's are digital assets, each one being different from each other. You can even add two nft's together to create a third nft, having a different range of characteristics.

Sounds intriguing, right…?

Their evolution stems from ERC-721, an open standard interface that allows creation of NFT's on EVM(Ethereum Virtual Machines) compatible blockchains. It's characteristics include ownership details, metadata and security.

To add to the list, they can also be created with ERC-1155. This interface reduces transaction and storage costs for nft's and are able to merge different nft's into a single cohesive contract.

The representation of physical assets in a digital manner offers one big advantage." Market Efficiency". It helps in removing redundancies and streamlines the entire process.

The artists in the days gone by were relying heavily on agents and intermediates to sell their craft to the world. For hours, they used to interact with these agents who would take a handsome amount of money from them to arrange exhibitions. It's a thing of the past now.

By converting their artwork into nft's, they now own the selling process and can earn a good amount of money from it.

What Are Some Ways NFT's Can Be Represented?

Nft's are a whole new breed of crypto assets and in recent times, more and more people are turning towards nft's to diversify their investment portfolios. Some common ways through which nfts can be represented are as follows:
  • Digital Artwork
  • Real Estate Assets
  • Digital and Non Digital Collectibles
  • Sporting Cards
  • Domain Names

  • Where To Buy These Nft's?

    Let me tell you an interesting fact, you need to own some sort of Ethereum currency to purchase nft's. Otherwise, you won't be able to buy it. Like cryptocurrencies which can be bought and sold on exchanges like Binance. Nft's can be bought on sites like Opensea, Rarible and SuperRare.

    With each passing day, their popularity is increasing day by day and soon it will become the new norm. So, have you tried investing in it yet…? Binance Free $100 (Exclusive) : Use this link to register and receive $100 free and 10% off fees on Binance Futures first month.

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    Disclaimer: Information found on WWCrypto is those of writers quoted. It does not represent the opinions of WWCrypto on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.


    Niaz Amjad is one of our Freelance Associates at WWCrypto, Niaz is tasked with writing high quality content on a regular basis for us. Niaz joined us in January 2022.


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