The fascinating field in the Virtual Universe has been and continues to be virtual money (crypto). If Bitcoin’s golden period was five years ago, now is the moment for NFT to ascend to the throne. Investors should consider the NFT virtual currency.
What is NFT virtual currency?
NFT has a similar basis to Bitcoin. NFT virtual currency is essentially digital data. It is created and stored on blockchains (blockchain systems).
NFT stands for Non-fungible token. So, it can be understood that this is a non-fungible property, which is irreplaceable. It is also the difference between NFT and other virtual currencies. This “unique” feature makes NFT’s billion-dollar value as it is today.
The NFT is a one-of-a-kind, encodable data string that may be used for anything. It may be a song, a movie, or even a random Facebook status. You cannot hold these objects since they are not real. Having an NFT entails taking ownership of a property.
Consider artworks like the Mona Lisa or The Starry Night to help you visualize it. It’s a masterpiece by two master painters, Leonardo da Vinci and Vincent van Gogh. You may view two photographs with just a few searches and mouse clicks. Each painting, however, only has one original valued at several hundred million dollars. You can think of the NFT as the proprietor of the original.
You can buy NFT virtual currency anywhere in the world. If someone needs to buy NFT, they can go to a virtual currency exchange. Binance, Coinbase, Huobi Global, Kraken, Etoro, Bithumb, and Gate.io are among the businesses where they are listed.
How to own NFT?
To invest in NFT, you must first have a hosted wallet. To store digital currency, please create an account. Then, select the exchange on which you want to acquire NFTs. You must transfer the virtual money you have purchased to the wallet you have generated. You can sell them for a profit if their value rises. Isn’t it akin to stock and real estate investing?
It’s worth noting that NFT may only be purchased with USD or virtual currency. So, before you play NFT, please convert your “bidding” to the correct currency!
Types of NFT Coins
The diversity of NFT coins is proportional to the asset classes they cover. Please do your homework before making a decision! Here are some ideas to get you started: Theta, Decentraland, Enjin Coin, Flow, and The Sandbox are all examples of cryptocurrencies.
BakeryToken, Origin Protocol, TriumphX, Xeno Token, and Binamon are other NFTs. Not only that, but NFT can also be a game. Axie Infinity is a well-known NFT game that has sparked a worldwide craze. Surprisingly, this is a Vietnamese product, with headquarters in Ho Chi Minh City. In a short period, the development team became a millionaire.
The virtual currency’s value
Fungible virtual currencies allow you to swap one coin for another of the same value. When it comes to non-fungibles like NFTs, substituting one NFT for another entirely changes the value. That is why NFT money has such a high value.
NFT has been there since 2014, but it hasn’t shined in the Virtual Universe until recently. The most prevalent way for NFT values to be expressed is in works of art. “Everyday: The First 5000 Days” is a work that should not be overlooked. This is the National Gallery of Art picture that set a new record when it sold for approximately 70 million dollars.
“The Lucky Apricot Blossoms” is another bright spot on the NFT map of Vietnam. Xeo Chu, a young artist, is the creator of this NFT painting. The picture was successfully auctioned in 24 hours, with a starting price of 5000 BUSD. The total worth of the work is approximately 23000 BUSD, which is about 520 million VND. On Binance NFT, it is the most valuable photograph of Vietnam.
The Nyan Cat network phenomenon was depicted in an NFT picture that sold $600000. Elon Musk’s ex-girlfriend, singer Grimes, also made 6 million dollars by selling NFT of a work.
The above are just some exceptional cases regarding the value of NFT. It can be seen that the combination of art and NFT is the trend of the times. The value they bring is enormous.
The advantage of virtual money
NFT has a very high level of security because of its uniqueness. An NFT is almost impossible to delete or copy. The original chain stores all transaction history. With a few simple touches, you can trace the NFT’s origin.
NFT transactions are also incredibly convenient and quick because they are virtual money. You can purchase, sell, and transfer on a string of numbers. The geographical distance is erased through encryption. Buying and selling on the virtual floor is much faster than real life.
NFT can be a step forward in copyright issues if used correctly. In life and the entertainment industry, copyright is constantly a source of contention. Copyright can be applied to a music video with hundreds of millions of views on YouTube. The author is not authorized to contribute a dime to a timeless song that is performed all over the world.
These shocking incidents consume a lot of paper and ink from the press every year. Can you picture the NFT’s role at this point? Yes, as previously said, each NFT is distinct. There is no way for two people to have the same two NFTs. So, why don’t we give NFT the copyright on the artwork?
This raises the author’s advantage without requiring a third party to accept responsibility. At the same time, the audience can acquire more unique values and, if desired, resell them.
It’s also safer to trade in-game things via NFT transactions. Not only that but NFT may be used to replace land paperwork in the future. The possibilities for NFT are endless. It is reliant on human ingenuity.
Stay alert with NFT virtual currency
Drawbacks always accompany benefits. When it comes to being an investor, you must be mentally prepared to confront challenges.
When it comes to knowledge regarding the NFT, the sheer volume of data can be overwhelming. When it comes to the NFT, use caution. On the internet, anyone can make NFTs. As a result, not all NFTs are valid. Many NFT projects are developed by a devoted team and are well worth your time and money. It is a mixed market for gold and brass, with dragons and snakes thrown in for good measure. Scammers target newcomers to the NFT because they are valuable targets.
The virtual money world thrives in this manner, but there is no regulatory organization. This sector is not under the supervision of government agencies or authorities. As a result, it’s incredibly intricate and full of traps. It’s possible that NFT values are exaggerated. It’s easy to lose money with the “dreamers.”
Desire speed is terrible, as is anything that grows too quickly. Bitcoin’s downhill lesson hasn’t changed. The current virtual currency market may be an inflated bubble because it’s exploding spontaneously. They’re just about to blow up!
The NFT virtual currency is a fantastic contender if you are interested in this subject. However, on this road, you must remember to be cautious and sober!