Explained | Non-Fungible Tokens (NFTs) are the new Bitcoin?

 

Guys! the buzz word of the world right now is NFTs i.e. Non-Fungible Tokens. It would be an over simplification of the concept but let say these tokens are Cryptocurrencies or Altcoins but with a real world use case which was missing in earlier versions of Cryptos. 

So the real deal in NFTs is obviously a Blockchain technology which was first introduced after GFC (Global Financial Crisis). Blockchain basically keeps the trail of an online transaction which is hard to break. NFTs are evolved on this very basic concept.

The word non-fungible means something which is non convertible to funds, hence, non-fungible. These tokens are issued for a digital asset which is not on the blockchain but is now linked with the underlying blockchain of the token.

Recently Jack Dorsey, CEO of Twitter, has announced that he will convert his first tweet as an NFT and auction it to raise the funds for charity. Auction will end on March 21st 2021 and currently the highest bid receive for the tweet is $2.5 million. So here what is happening is, ownership of his first tweet is wrapped in an NFT and the same is placed on a blockchain of that NFT and then it is being sold to another person who can eventually sale it to some other person, if she wish to do so. 

Basically, these NFTs will help to grow business of Digital Art. In an another development, Mike Winkelmann aka Beeple has created a collage containing 5,000 mostly digital illustrations which were created for his Everydays series, in which he creates a new artwork every day, was sold for a whooping $69 million. A rumor has it that Beeple was selling his earlier arts for an average price of $100 and getting $69 million for a single digital art is like a dream come true.

You must be thinking, How we can make money out of this NFT buzz, right?

So we got you covered. There are many NFTs which are being traded on Crypto exchanges like WazirX, CoinDCX, Zebpay etc. Every NFT has its own significance and it derive its value from underlying asset it represent. As per our research, we found out 3 popular NFTs which are darlings of the Crypto investors. These are -

1. $Mana (Decentralland)

2. $CHZ (Chillz)

3. $CHR (Chromia)

We will cover each of these Blockchain techs or NFTs separately and try to make things simpler for you guyz. For instance, $Mana has given astronomical returns of 1400% in just 2 months and $CHZ has given returns of 3550% returns in less than a month and similar returns has been given by $CHR.

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Happy Investing!