Are you puzzled with questions like what are NFTs and how do I buy NFT artwork? If yes, then this blog is for you. We have described NFTs, how it works, and where you can invest in NFTs(Krazy Kong NFTs).
We have witnessed an exponential growth in technology in the 21st century. Low-cost access to the Internet has made the digital world effective and vibrant. Blockchain technology made another technological advancement. Soon cryptocurrency made the headlines and over the past decade, the market of blockchain reached $4.93 billion in 2021. In the future, it is expected to grow to $227.99 billion by 2028.
After cryptocurrency, NFT fledged as another digital medium of having passive income. It was introduced in 2014 but became popular in 2021 after some artists sold NFTs worth millions of dollars. It first made headlines when popular digital artist Mike Winklemann sold his art Everdays: The First 500 Days for $69 million.
What are NFTs?
Let’s first understand the term NFT, Non-fungible Token or NFT is the unit of the data stored in the blockchain networks. That unit of data is the digital assets represented the objects like avatars, anime characters, NBA cards, real estate, video games items, etc. They could be either in the video file, an audio file, GIFs, images, or in any other kind of file(Krazy Kong NFTs).
The best part about NFTs is that each NFT token is different and it cannot be exchanged with other items like Bitcoin or Ethereum. This makes NFT unique and non-fungible. Plus, they are encoded with similar underlying software as that of cryptocurrency.
Originality and provenance are what makes art unique and NFT provides both but it doesn’t make it worth it for the market. For instance, a kid having thousands of unique art does not make it worth million dollars. Who owns NFT art? Who has a larger audience connection? To buy and sell NFT assets you must consider all these factors.
How does NFT work?
NFT is a blockchain-based digital asset that makes transactions fast and secure. All the transaction records are stored and maintained in the blockchain technology to which every user has access. This helps the transactions fast and transparent.
Since NFTs are digital artwork they cannot be exchanged with other similar items like cryptocurrency. So, you need some crypto in your digital wallet in order to purchase NFT assets. The tokens are usually held on the Ethereum blockchain but other blockchains also support NFTs. Any digital object can be bought or sold as NFT including:
- Virtual avatars
- Designer sneakers
- Sports highlights
Why did NFT become popular?
Well, NFT first grabbed the attention in 2021 when the famous artist Mike Winkelmann popularly known as Beeple sold his digital art as NFT for $69 million. Currently, the highest valued NFT holder is Pak, an anonymous digital artist who sold the digital art named ‘Merge’ for $91.8 million.
Not only artists but other popular personalities are also benefitting hugely from this technology. Tech giants are also betting hugely on NFTs as Twitter’s CEO Jack Dorsey sold his first tweet as NFT FOR $2.9 million. Such news is grabbing the attention of the world and now common people are also willing to try their luck in NFTs. If you are still confused about whether ‘should I buy NFT art’ then these facts will help you decide.
Why do I trust NFT?
Among the variety of things that came into our mind hearing the name of NFT, functionalities of NFT are the ones that make it special and unique. One of the prime functionality of NFT is that the buyer can claim the ownership of the token and the creator will still get the royalty for it(Krazy Kong NFTs).
The other major function of NFT is that it is indivisible and cannot be divided into parts like Bitcoin, Ethereum, or any other bitcoin. If you are willing to buy a particular NFT, you have to buy it completely.
How do I buy NFT artwork?
There are several marketplaces where you can buy and sell NFTs without worry. Some of the popular marketplaces are OpenSea, Rarible, and Foundation. You first need to register your wallet in one of these platforms and fill it with some cryptocurrency.
Where you can invest in NFTs?
If you are new to this game and think that it’s an interesting idea to earn passive income, you can visit the Krazy Kong website and start your NFT journey by purchasing your first NFT. You can start your NFT journey by purchasing Krazy Kong NFTs. Krazy Kong is a digital character who wants to explore human society. Through this, we want to raise awareness on environmental and social issues like deforestation, inequality, conflict within and between the animals (including humans) species.