{"id":162752,"date":"2022-01-18T19:02:00","date_gmt":"2022-01-18T13:32:00","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=162752"},"modified":"2022-01-18T19:02:00","modified_gmt":"2022-01-18T13:32:00","slug":"nft-how-crypto-tech-made-it-possible-to-own-trade-digital-art","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/nft-how-crypto-tech-made-it-possible-to-own-trade-digital-art\/","title":{"rendered":"NFT: How crypto tech made it possible to own, trade digital art"},"content":{"rendered":"\n
What are NFTs?<\/strong><\/h5>\n

NFTs, or non-fungible tokens, are unique digital items stored on a blockchain, the same network that runs cryptocurrencies.<\/p>\n

–<\/strong> Anything digital – images, videos, music, online version of various articles – can be converted into an NFT and monetised.<\/p>\n

–<\/strong> NFTs are not the digital art but instead certificates of authenticity, and most use the blockchain of ethereum, the second-biggest cryptocurrency.<\/p>\n

What are the concerns associated with NFTs?<\/h5>\n

–<\/strong> Trading of NFTs has no legal backing<\/strong> yet. This lack of regulation means NFTs are prone to price manipulation<\/strong>.<\/p>\n

What are the use-cases for NFT?<\/h5>\n
\"Page-15
Source: TOI<\/figcaption><\/figure>\n

Many consumers who had put money in crypto were introduced to NFTs as a new medium of investment<\/strong>.<\/p>\n

Some users have taken to NFTs due to speculation<\/strong>, as the value of a token is derived from what buyers are willing to pay for it.<\/p>\n

NFTs also enable digital content creators and owners of IP (intellectual property) to monetise their work or assets<\/strong> without a ‘middleman’ and earn a royalty every time the NFT is resold.<\/p>\n

The appreciation of crypto market capitalisation<\/strong> along with mainstream users adopting crypto<\/strong> has driven NFT popularity.<\/p>\n

For more<\/strong>: Read here<\/a><\/strong><\/span><\/p>\n\n\n\n
In 2021, NFT sales reached $25 billion compared to just $95 million in the previous year, according to Reuters.<\/em><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

For more on NFTs, read these articles<\/strong>:<\/p>\n

– The NFT promise is overhyped even for creative folks<\/a><\/strong><\/span><\/p>\n

– NFTs are overhyped but useful for creator economy<\/a><\/strong><\/span><\/p>\n

– Similarities Between Non-fungible tokens and worldwide web<\/span><\/a><\/strong><\/p>\n

Source<\/strong>: This post is based on the article \u201cNFT: How crypto tech made it possible to own, trade digital art<\/strong>\u201d published in Times of India<\/strong> on 18th<\/sup> Jan 2022<\/strong>.<\/p>\n","protected":false},"excerpt":{"rendered":"

What are NFTs? NFTs, or non-fungible tokens, are unique digital items stored on a blockchain, the same network that runs cryptocurrencies. – Anything digital – images, videos, music, online version of various articles – can be converted into an NFT and monetised. – NFTs are not the digital art but instead certificates of authenticity, and… Continue reading NFT: How crypto tech made it possible to own, trade digital art<\/span><\/a><\/p>\n","protected":false},"author":10328,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1566,9],"tags":[10496],"class_list":["post-162752","post","type-post","status-publish","format-standard","hentry","category-daily-factly-articles","category-public","tag-times-of-india","entry"],"jetpack_featured_media_url":"","views":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/162752","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10328"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=162752"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/162752\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=162752"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=162752"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=162752"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}