What is NFT? What Does NFT Do?
NFT is a cryptocurrency. However, it operates quite differently from other cryptocurrencies. Its abbreviation is “Non Fungible Token” and its Turkish meaning is “Unchangeable Token”. As you can see, it is called a token, not a currency. This is proof that it is different from the currencies we know.
NFT is a unique identifier that can prove ownership of digital products. It is a digital asset that has a value and is collectible. Today, collections and works of art are assets with a high NFT value. For example, we know that the original Mona Lisa painting is on display in the museum today. With NFT, we can buy the original Mona Lisa, not an imitation of Da Vinci's magnificent and famous painting. Namely, that previously digital art could be easily reproduced at the click of a button, making it almost impossible to distinguish the original. But NFT founder Sacha Jafri; “There is software that scans a work of art. Inimitable. Absolutely impossible. If you scan a blank piece of paper with another blank, they are different because this software recognizes the difference.” It explains how.
What Does NFT Do?
NFT designs are all digital assets. Like other cryptocurrencies, it resides on the blockchain. You can think of NFTs as follows: Just as cryptocurrencies or Bitcoin have a monetary equivalent, NFTs also have some counterparts created in the digital environment. These can be an art form, a photograph, a literary piece, and more. The value of NFT comes from its uniqueness. So when you buy an NFT, you have a digital asset that no one else has. You can think of owning an NFT as getting yourself an original code in the digital environment. You can use your purchased NFTs in games, CryptoKitties universe, Digital Art and other different applications.
Top Selling Products in NFT Market
The best-selling art collections in December 2021:
• Cryptopunks (https://www.larvalabs.com/cryptopunks)
• Bored Ape Yacht Club ( https://boredapeyachtclub.com/#/ )
• Cool Cats (https://rarible.com/collection/0x1a92f7381b9f03921564a437210bb9396471050c/items )