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The Untold Story of the NFT Boom

NFTs getting sold for millions is now an everyday story. At a Christie’s auction, a modified Andy Warhol computer image from the 1980s sold for $870,000. The video Charlie Bit My Finger, which has over 885 million views on YouTube, was sold for $760,999. Popular singers, artists, influencers, and businesses are launching customized NFTs every now and then. If you look at it closely, it is just like any other technological boom that we have experienced before. I am talking about those smartphone revolutions, the invention of Bluetooth, desktops made portable for your lap (laptops), and likewise!! 

Similar to Neal Stephenson’s prediction, this world is gradually working its way towards becoming a metaverse entity. In this blog, we will specifically discuss the “Boom” effect that NFTs have brought through. 

The NFT “Boom”

NFTs or non-fungible tokens emerged in the 2013-14’s, specifically to cater to people’s demand for digitized asset selling and profit acquisition necessities. This was shortly after the rise in the popularity of Bitcoins, or cryptocurrencies, in general. People became enthralled by the enormous potentials of blockchain technology and began to study and invest in it.

NFTs

With the introduction of Ethereum, several Bitcoin-centric applications were ported to Ethereum’s virtual machine, allowing them to take advantage of the smart contract layer’s additional features.

The NFT subculture expanded and drew media attention when CryptoPunks and subsequently CryptoKitties appeared in late 2017. In recent times, the concept has become so popular that probably one out of every ten of your daily acquaintances are thinking of creating their own NFTs and selling them online…

Why are NFTs popular

Well, why shouldn’t they be? NFTs are advantageous in a variety of ways.

Benefits of NFTs

Firstly, they provide you with non-fungibility meaning your NFT will be irreplaceable and unique.  

This automatically provides you with extensive ownership, as no one can claim the original rights to your NFTs. 

Thirdly, NFTs provide you with unlimited passive income opportunities. You will earn a fixed percentage every time your NFT gets sold over. Digital art NFTs are a great example. 

Digital artists earn revenue upon interest for each time their NFT is exchanged. You get a royalty amount for every transaction of your NFT along with the ownership credibility. This is why most music stars and celebrities are hopping on the NFT trend! Don’t believe me? Search up Grimes, Eminem, Steve Aoki, and Lil Nas X NFTs over the internet.

The Baseline Idea

The main idea behind the global buzz surrounding NFTs is to explore the realms of digital investments, tradability, and cryptocurrency exchange. We’ve come a long way from drawing on paper and listening to music on cassette players. Digitization is much more effective and efficient. It allows you to market yourself to a whole new portion of the globe with a few easy clicks and strokes of the keyboard. People are starting businesses in their living rooms, and artists are becoming well-known on a global scale. Anything is now possible!!

NFTs you probably don’t know about

There are a lot of interesting things you might not know about which have been sold as NFTs for unexplainable amounts. Have a look-

  • Jack Dorsey sold his tweet as an NFT for $2.9 million. It was the first-ever tweet, and it read “just setting up my twttr”.
  • Artist Mike Winklemann’s work “Everydays -The First 5000 Days”  popularly known as “Beeple” online sold as an NFT for $69 million.
  • Bad Luck Brian, Disaster Girl, Doge, Success Kid, and plenty of other popular memes have sold for hundreds to millions of dollars.
  • Tim Berners-Lee sold the source code of World Wide Web (www) as an NFT for $5.4 million.
  • Popular YouTuber Logan Paul sold his 3000 pieces NFT collectable for $5 million.

These examples should be enough to blow your mind. Just imagine, millions of dollars are being transacted through NFT exchanges this very moment as you read this blog.

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