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What Is NFT? All You Need To Know About The New Tech Trend

If you are one of those, who have been scratching their heads, being oblivious to NFTs. Don’t worry, you have come to the right place.

What Is NFT? All You Need To Know About The New Tech Trend
NFTs, also known as Non-Fungible Tokens, are a type of a digital asset like art, music, video games etc. | Representational Image
What Is NFT? All You Need To Know About The New Tech Trend
outlookindia.com
2021-09-05T13:03:28+05:30

NFTs or Non-Fungible Tokens are leading its way in the tech world, nowadays. Amid being confined to the circles of technical experts, NFTs are broadening its boundaries, giving a chance to celebrities to step into it.

According to various reports, Bollywood actor, Sunny Leone is said to be launching NFTs on her website soon. “Crypto is the future of the world and NFTs give me an opportunity to express myself with art and be able to essentially make each NFT its own unique token which is really exciting,” Leone said.

However, if you are one of those, who have been scratching their heads, being oblivious to NFTs. Don’t worry, you have come to the right place.

What is NFT?

NFTs, also known as Non-Fungible Tokens, are a type of a digital asset like art, music, video games etc. They are bought and sold digitally, in exchange of cryptocurrencies. For example: When an NFT is sold, the creator in return gets some amount of commission in the form of cryptocurrency.

However, unlike cryptocurrencies, NFTs are mutually interchangeable, i.e., not ‘fungible’. Twitter co-founder, Jack Dorsey sold his first tweet as an NFT for more than $2.9 million. The digital assets are traded online from the exchanges that permit NFT trading with cryptocurrency.

Moreover, Cryptocurrencies like Bitcoin are all equal, however, NFTs carry a different asset and value. NFTs have been present since 2014 but are gaining much traction now.

How to invest in NFTs?

If you ever think of investing in NFTS through INR currency, directly, that would be impossible. The buyer will have to covert the INR currency into WRX crypto in the digital wallet before investing in NFT.

Why have NFTs become popular?

Before Leone declared the statement of joining the club, Amitabh Bachchan had set forth a similar idea. According to reports, Big B’s plan is set to unleash in November.

The Jism 2 actor, Leone has partnered with Mintdropz, a Silicon Valley based start-up, to create a website for NFTs. On the website, it has been mentioned that “The Sunny Leone NFT Metaverse is a collection of NFT’s – unique digital collectibles, that will live on the Ethereum Blockchain. Your Sunny Leone NFT is your membership access pass to the Exclusive content, Perks, and Access in Sunny Leone Metaverse”.

In what remains, Sunny Leone has become the ‘first Bollywood celebrity’ to acquire her own NFT.

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