A Piece of Art Selling for 20ETH?
We know you’ve got questions as regards how this is possible, but you’re here to find these questions and many more in your mind.
Jack Dorsey, CEO of Twitter sold his first-ever tweet on his platform with bids starting with 80 thousand dollars and eventually sold for an equivalent of $2.9m. Yeah! Non-fungible tokens can be that crazy, while this is not just about a piece of art, most tokens like Sand, Axie infinity, and other Non-fungible tokens have witnessed a massive uptrend in price with more and more people looking out to be part of the Non-fungible market. What then are NFTs?
NFTs, an acronym for non-fungible tokens. To understand this much better, one would need to first understand the fungibility of tokens like Bitcoin, Ethereum, and others and what difference they have compared to the non-fungible ones. A fungible token simply means all other samples are the same, the 0.5BTC in A wallet is the same as 0.5BTC in B’s wallet and at the same time having the same value. But for non-fungible tokens, each token is unique in its way and does not share the same data or value with others.
NFTs like Cryptocurrency transactions are recorded in the Blockchain with NFTs having the metadata that talks about the details of creation and helps in identifying the true owners of NFTs. Since NFTs are unique and one is not the same as others, this helps in building up those prices since they are rare.
Why Do People Buy NFTs?
Humans are socio and economical beings. People buy NFTs for their rarity and the feeling that comes with something that only one exists in the world. It’s a feeling and sometimes it’s just about the hype around particular NFTs such as crypto punks. The market follows hypes remember and this is majorly what drives NFTs market up.
Anyone can mint and NFTs, and it could be anything you can claim originality or ownership of. When NFts which could be pictures of the cloud, Pets, funny faces, or anything are sold, the ownership through the metadata is transferred and the good thing is you can decide to even own a part of future sales when giving out the ownership to someone.
You can easily mint platforms on numerous tokens each with different requirements such as a gas fee to mint since most NFTs are based on the Ethereum blockchain and some others on Solana and Binance smart chain. In the writer’s opinion, Minting is quite easy, and selling their NFTs is where an average person is stuck.
While there are many platforms to list NFTs for sale, AFRIDEX Ecosystem is set to make selling NFTs a lot easier.
The Marketplace will have its creators and collectors list their collections on the AFRIDEX NFT platform with a minimal listing price. Its primary feature on the marketplace will be the release of the works of marginalized and underrepresented communities among visual arts, performing artists, and other creatives.
AFRIDEX native token $AFDT is currently on sale on the initial coin offering phase B for 0.35USD with token listing on AFRIDEX’s Exchange projected at $4.5 on the listing.
While NFTs are in a period of boom or a time of gaining more traction and acceptance with real estate brands and other physical goods buying into the idea. We are sure this is something everyone should look out for.
What do you think about NFTs? Time bomb or just a product of Blockchain technology gaining adoption?