WHAT YOU NEED TO KNOW ABOUT NFT'S

BEFORE WE GO INTO THE CONENT I WILL LIKE YOU GUY'S TO KNOW THAT PEOPLE ARE REALLY PAYING A LOT FOR NFT'S

WHAT IS NFT'S
The term NFT stands for non fungible tokens. They are new type digital assets. Ownership of this assets are recorded on blockchain, a digital ledger similar to the network that underpin bitcoin and other crypto currencies.
 Unlike most virtual currencies NFT'S are not exchangeable. This is because of their uniqueness as a collectors items that can't be duplicated. You can think of them as crypto alternatives to rare baseball cards.
The advancement of internet system offers us the opportunity to watch videos, pictures and download music for free. But that is not the case of NFT'S, people are actually buying them to claim ownership of a virtual element.

Arkane network an example of NFT platform for game creators allows them to buy and sell game items or creations.

Mba Top Shot another NFT platform based on US basketball league allows users to buy and sell short clips showing match highlights of star players. Mba Top Shot has made up to $280 million sales till date.

Another example of NFT platform is the french Sorare which allow users to purchase and play officially licenced soccer cards in fantasy matches.
Record has it that Sorare has generated up to $22 million sales to date.

NOW LET'S TALK ABOUT THEIR POPULARITY

By research it was discovered that coronavirus was the major factor that increased the popularity of NFT'S. Due to the coronavirus it was recorded that NFT'S transactions rised to the price of $250 million.

People actually buy NFT'S with the speculation that they are going to sell at higher price while others actually hold the digital token. It's all about speculation. Nadya Ivanova chief operating officer of L'Atelier told CNBC "NFT started in 2017. A lot of it was about speculation. What we saw in 2020 was the market actually maturing".

NFT has attracted celebrities like Mark Cuban, Lindsay Lohan and Gary Vaynerchuk. NFT has also attracted some major brand and people has discovered new uses of NFT such as virtual real estate and gaming.
The end