May 13th 2022, 10:52:53 pm
(about a year ago)
😇A Simple Look to NFT😇
An NFT is a digital asset used to represent real-world artifacts such as art, music, in-game items, and films. They are often encoded using the same underlying software as many cryptos and are bought and sold online, often with bitcoin.
Even though they"ve been there since 2014, NFTs are currently gaining popularity as a popular means of buying and selling digital artwork. The market for NFTs alone was approximately 41 billion in 2021, approaching the absolute value of the entire global fine art industry.
NFTs are usually one-of-a-kind, or at the very least limited-edition, and feature unique identification numbers. "Essentially, NFTs generate digital scarcity," explains Arry Yu, managing director of Yellow Umbrella Ventures and chair of the Washington Technology Industry Association Cascadia Blockchain Council.
This is in sharp contrast to the vast majority of digital products, nearly always available in endless quantities. If a particular asset is in demand, cutting the supply should theoretically increase its value.