Twitter’s inventor, Jack Dorsey, sold the globe’s first tweet for $2.9 million, introducing most to the world of NFTs (Non-Fungible Tokens). Try producing an exact reproduction of the Mona Lisa, down to the brush strokes and the original paper. Think of NFTs as digital works of art. These are non-replaceable attributes. The media can be copied and shared on social media, but the buyer retains ownership of the NFT. It’s like taking a photograph of a work of art and placing it on your wall when the owner owns the original. NFTs are now coveted as valuable works of art. The NFT market seems flooded with digital Mona Lisas, but what other NFTs exist besides tweets and photos? Let’s explore the realm of NFT crypto news to find out.
The most common NFT is art. NFTs were created to allow artists to sell their greatest works online as if they were physical. Many of the most costly NFTs are now pieces of art. The most valuable NFT ever sold, according to Luno, is by renowned artist Beeple. This artwork fetched $69 million. Other ultra-expensive NFTs are bankrupting billionaires. This also applies to video art. Short films and even GIFs have been flying off the shelves. A 10-second looping video dubbed “Crossroad” featuring a nude Donald Trump sold for $6.6 million. Beeple did this one also.
Music is also on the NFT spectrum. Music has been produced and delivered on records, cassettes, CDs, and digitally for decades. However, musicians and DJs have recently begun selling their work as NFTs, making millions of dollars in hours. Due to streaming platform and record label cuts, musicians generally only collect a percentage of their music’s revenue. With NFTs, musicians may retain almost all the money, which is why so many musicians like it.
Video games are another frontier in NFT. No full games are sold as NFTs. Rather, they’ll offer in-game stuff like skins and characters. Unlike DLC assets, which are sold in millions of copies, NFT assets are sold one at a time. Retail DLC can be sold alongside a limited edition version on the NFT market.
NFTs are like digital trade cards. We all know how expensive limited edition baseball cards can be, and the NFT market is no different. People may purchase and sell virtual trading cards exactly like real ones and keep them. The actual item sells for almost a million dollars. Not just trading cards, but other collectibles, may be sold on the NFT market. Anything collectible may be put on the market.
You may now purchase and sell memes on the NFT market. In certain circumstances, the person in the meme is the merchant. Memes like Nyan Cat, Bad Luck Brian, Disaster Girl and others have earned between $30,000 and $770,000. The Doge meme sold for a staggering $4 million.
Domain names aren’t immune to NFT fever. A domain name may be registered and sold on the NFT market, which has its advantages. A third-party firm usually manages your domain name. Buying one on the NFT market gives you sole ownership of the name and eliminates the middlemen.