What is an NFT? NFTs, or non-fungible tokens , are unique digital assets, like digital artwork and music, that are tracked by the blockchain (a digital ledger) and therefore cannot be replicated or traded. NFTs are created by uploading a Kuwait Phone Number List file to a specific auction market, like Rarible, OpenSea, KnownOrigin. Once this is done, the coin can be bought with cryptocurrencies and resold. An NFT includes data that presents details about the artwork. NFTs have been in use since 2017, when Larva Labs developed CryptoPunks. NFTs were first used in 2017, when Larva Labs uploaded 10,000 collectible characters to CryptoPunks.

Apart from human faces there are 88 Zombies, 24 Monkeys and 9 Aliens which are considered special and much more expensive. On March 10, 2021, one of the aliens (CryptoPunk 7804) was sold for $ 7.5 million (ETH4200) , becoming the most expensive NFT ever sold. At the end of 2017, CryptoKitties, a game that allowed users to buy, breed and sell virtual cats, was launched by Dapper Lab. The first initiative that used the blockchain recreationally, the program became so popular that it slowed down the Ethereum network. In 2021, Beeple’s NFT was sold for more than $ 69 million NFTs have gained a lot of popularity this year, as they have been validated by powerful entities like Christie’s.

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The world famous auction house has put up for sale a work of Beeple. The artist created “Everydays: The First 5000 Days”, a digital piece that embodies the first 5,000 works he created. While his prints usually only sell for $ 100, this digital work of art has fetched a staggering price tag of over $ 69 million , proving the potential of NFTs in the art world. The 3 main players in the NFT ecosystem There are 3 main characters in the NFT ecosystem: the artist, the buyer and the collector. The artist uses NFTs as a means of selling his works. With each change of ownership, the artist receives a percentage of the transaction . Buyers use NFTs to support their favorite artists and share their works online, while collectors can use NFTs as speculative assets by buying and reselling them, depending on how their value changes.

NFTs in the Collectibles, Games, Music, Sports and Fashion industries In the collectibles business, for example, Rob Gronkowski’s debut NFT card collection sold for over $ 1.6 million . The collection consisted of 4 main cards, featuring the works of art of the NFL player’s 4 Super Bowl participations, available in 87 editions. The fifth card, the Career Highlight Refractor Card, sold for 232 ETH, or the equivalent of $ 435,000. In- game assets , such as clothing, helmets, props, terrains, or user-controlled characters are also available as NFTs. In fact, there is an aftermarket activated by third-party vendors that don’t need game developer permissions.

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For example, one of the more expensive CryptoKitties sold for around $ 170,000, and in Axie Infinity, a blockchain-powered game, nine lots sold for around $ 1.5 million. As the buyer, the Flying Falcon, explains in a series of tweets , “We are witnessing a historic moment; the rise of digital nations with their own clearly delineated and irrevocable property rights systems. Axie’s lands have entertainment value, social value, and economic value in the form of future resource streams. ” I’m selling this song about NFTs as an NFT pic.twitter.com/B4EZLlesPx – Elon Musk (@elonmusk) March 15, 2021 Music can also be purchased from the NFT ecosystem. For example, Elon Musk sells a piece of techno .

Kings of Leon, the Tennessee rock band known for late 2000s hits like “Sex on Fire” and “Use Somebody”, are releasing their new album as NFT . Athletes have also entered the NFT game, making their contracts token and offering people the option of investing them, like pro-NBA player Spencer Dinwiddie, or offering buyers lifetime rights to parts of their contracts. body, as professional tennis player Oleksandra Oliynykova did with her right arm. The fashion industry has also used NFTs. For example, Nike patented CryptoKicks in 2019, a system that authenticates physical sneakers by offering customers a digital version of the product. In fact, NFTs can be used to sell any form of intellectual property, including tweets, New York Times columns , and more. How to use NFTs in luxury marketing?

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