NFT Crypto art is exploding right now! NFT tokens have been making headlines in the crypto world recently, with the surge in NFTs hitting the mainstream media thanks to celebrities joining in. But what is a crypto art NFT and what use do these NFTs have? In this BeInCrypto news episode, we walk you through the entire NFT craze explained and discuss the future of NFTs.
What is NFT crypto? NFTs, or a non-fungible token, run on the Ethereum blockchain and enable the tokenization of any data. Each token is pegged to a different identifier that is unique to the owner, which is why you can think of NFTs as one-of-a-kind collectables. Unlike ERC20 tokens, NFTs are not interchangeable and not divisible, meaning you must one a whole token.
What is NFT crypto art? Art and tech enthusiasts have realized that tokenizing a physical piece of art or creating digital art is a huge market. Due to the scarcity and the fundamentals of NFTs, they are an excellent way to produce and store art. In fact, just recently a group of enthusiasts have digitized the ownership of art by Banksy. Many such cases of digital art being sold as NFT tokens have arisen, with musician Grimes also selling her collection $6 million.
The NFT crypto market only seems to be getting bigger, with NFTs now also becoming a popular way to release music. As of today, we have seen many big celebrity figures such as Elon Musk, Mark Cuban, Logan Paul, Kings of Leon, and many more getting involved with NFTs.
But what is the future of NFTs? The surge in NFTs has led to a market value of at least $338 million, with online marketplaces expanding to meet the growing demand. According to billionaire Mark Cuban, he believes that NFTs have only just begun and will change how “music, video, art and the internet will work forever.”
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01:18 Latest news about NFTs
04:12 The Future of NFTs
06:35 What is an NFT?
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