2021, is a promising year for NFT but many people are surprised by the fact that motivation plays a significant driving performance. NFTs’s changed the whole market and it is not always catching the eyes of everyone also many people get confused about what exactly NFTs are. Don’t worry we have the answer.
Nobody ever thought that memes, digital artwork, and Twitter platforms can attract people globally which would be a medium of profit. NFTs are those tokens that are non-fungible. For understanding better, you need to go through their history, how it all started, how it works, how the NFT world works and the most important factor is how these NFTs are changing the future of emerging markets.
NFTs token grabbed everyone’s attention in past years but people are always confused and find it difficult to understand what exactly NFTs are and how they can be used? So for that, we need to understand Fungibility and non-fungibility.
NON FUNGIBILITY
Things which are unique and that can not be replaced are non-fungible. Non-fungible items can not be interchangeable as it holds a unique identity with them for example, if two people are using redmi phones and you replace the phones what do you think they can not understand, of course, they find it because every individual has their own identity. On both phones their history would be different, the contact list is different, and photos from the gallery are different.
So these are unique and can not be interchangeable even if two phones are with the same company as every individual is unique. Another example of non-fungible items is if you have a Persian cat but for some reason, the cat gets stolen and you buy another cat of the same breed but you can not expect both the cats are the same, so they cannot be interchanged.
FUNGIBILITY
Fungible assets are those assets that can be interchangeable and are identical. These assets hold the same degree of identity so they can easily be changeable. For example, if you have a 100rs note or another person has found 100rs on the ground the value of the currency will be the same for both. Fungible assets are not only identical but also divisible. For ex, if you hold 100rs note and another person gives 10rs notes which holds the same value as 100r.
GLOBAL MARKET
Now, NFTs are growing every year and it provides opportunities to many businesses which are searching for the platform.
In 2018, it was just $41 million but now in 2021 it expands like crazy and reaches $2.5 billion it represents how NFT sets a big mark in the market. Many influential people, rich and famous began to take interest in NFTs.
MOST POPULAR CATEGORIES
Let’s explore the most popular categories, in starting phase sales were dominated by Cryptokitties and crypto punks. In the early 20s, sports and metaverse projects also gained popularity.
In January 2021, Beeple’s record-breaking sale increased the attention of many people.
CONCLUSION
NFT is turning heads by providing uniqueness in everything whether it is game or digital assets, you have ownership and transparency which no other platform is ready to give. It is the answer to many problems whether it is art, games, or digital assets. NFT’s provide unbelievable opportunities which no other platform can provide.
It is accessed globally, from anywhere in the world artist can take advantage and increase their wealth and the best part is that now there is no middleman which takes the share from artists. Now artists can reach directly to customers which are only possible by NFTs.
