What is NFT and why is it becoming so valuable

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NFT is a non-fungible token in the form of a digital asset or data. Non-Fungible Tokens are a kind of digital tokens, which are assigned to real or unique things like a painting, game, music album, meme, cards etc. Any creative person can monetize and sell his skills through NFT. These digital assets are sold and bought through cryptocurrency.

I) Why Non-Fungible Token is called unique:
If an item is being sold on the Internet, there may be many other copies of it but the item purchased from NFT has a unique ID, there cannot be another copy like it. There are many examples of things bought from Non-Fungible Token recently like a painting of a gray-colored stone that has been sold for around 75 lakhs as NFT. This is a digital painting. Even Twitter CEO Jack Dorsey’s first tweet was found as an NFT. He got around Rs 20 crore for this tweet sold on a platform named Valuables through US-based company Cent. He made this tweet on March 21, 2006, which was sold as NFT on March 22, 2021.

A very famous TV show named GenZeroes is going to come in this year 2022. Its makers have decided that this TV show will be able to watch through Non-Fungible Token.

II) How to create your own Non-Fungible Token: To prepare your own NFT, first you have to create an online wallet in which you can keep your NF. You need to link the NFT Wallet to any platform where NFTs are sold.

III) Success in the world of Non-Fungible Token: NFT had sold more than $1.2 billion in July 2021. At the same time, in the first half of 2021, the sales volume of non-fungible tokens was $ 2.5 billion. It is worth noting that in the quarter of September 2021, worldwide NFT sales have been around $ 10.7 billion.

IV) Why Non-Fungible Token is future technology: When cryptocurrency touched the sky after a tweet by Elon Musk and at that time anyone who had a cryptocurrency like bitcoin became rich overnight. A new term has come in the cryptocurrency market, which we call NFT which means nonfungible tokens.

V) Advantages of Non-Fungible Tokens:
(A) It is easy to buy and sell.
(B) This brings out the talent of the hidden artists.
(C) It has a unique ID so it is difficult to copy it.
(D) Artists get more benefits for their work.

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