Today s Cryptocurrency Prices by Market Cap

What is the NFT?

• by System
• Wednesday, August 31, 2022

Non-Fungible Token (NFT), in its shortest definition, is a unique digital asset. It represents many unique digital assets, from collectors' items to virtual shoes, from virtual game contents to digital properties. NFTs are produced using blockchain technology, largely to Ethereum token standards. However, unlike crypto currencies, they are not traded in Ethereum's ERC-20 standard, but in ERC-721 and ERC-1155 standards.

With the technological innovations brought by our network, owning digital products has become widespread among people and more than $ 174 million has been spent on NFTs since 2017. The supply-demand balance ensures that prices are determined in NFTs as well as in all assets with value. Due to the uniqueness of NFTs, the items sold are collectibles. are accepted and their value is very high.

What Makes NFTs Valuable?

The fact that all NFTs contain unique information and are easily accessible reveals the advantages of owning a product digitally when compared to a physical product with collectible value. By passing the production and reproduction of counterfeit products, it ensures that all information about the originality of the digital asset, from the previous owner and manufacturer, is obtained.

Unlike cryptoassets, NFTs are not interchangeable. The fact that each of them is unique ensures that each has separate characteristics, and it goes beyond the fact that two entities are equivalent. NFTs can be thought of as a football match ticket. All tickets are actually unique, as each ticket will contain a different stadium and date, teams to watch, seat location and personal information of the person who bought the ticket, and will provide the owner with a stadium look like no other. It is not possible to exchange tickets equally.

NFT's also enables the production of works of art. It has enabled the production of digital works to become widespread by delivering their works to all over the world, and has made it possible to bring buyers and producers together more easily by passing over to intermediary institutions. In addition, in case the purchased work changes hands, the copyright details and the rights of the artist are protected, and the manufacturer is ensured to have a share in the subsequent changes. For example, the actor William Shatner sold these digital photographs by processing digital cards consisting of his own photographs. If these cards change hands, they get a share as a producer.

Some of the other features of NFTs are; all of them have a specific area- The content taken for one game cannot be used in a different game-, the reproduction and fragmentation of the products cannot be done, the transactions on the blockchain and with smart contracts; For this reason, there is no question of deletion or modification, and the originality of each product can be checked in a transparent way.

High Value NFT Samples

Alien2089, a character belonging to the CryptoPunk game, one of the first NFTs produced, was sold in January 2021 for 605 Ethereum (6.455.000 TRY with the price dated 27.02.2021).

The "Dragon" in the game named CryptoKitty; The value of the character is 600 Ethereum (6.350.000 TRY with the price dated 27.02.2021).

The “1-1-1” The race car was sold in May 2019 for 415.9 Ethereum (4.440.000 TRY at the current price of 27.02.2021).

The highest-value NFT sale to date has achieved "Everydays: The First 5,000 Days", which crypto art Beeple put up for auction at Christie's. The piece was the first NFT to be sold in a historic auction house and marked a new institutional legitimacy for the emerging market. The digital art work in jpg format, which is a compilation of 5 thousand pieces of Beeple, was sold for 69.4 million dollars (approximately 550 million Turkish liras) after the auction that started on February 25.