With NFT’s coming into popularity recently, many are wondering what an NFT is, and how can I learn more about it? Though it can be intimidating to learn about, there are tons of accounts and even Youtube creators you probably recognize, like Logan Paul, that break it down and make it even easier to understand.
NFTs are just the tip of the iceberg; look at it as a key to a larger world where it's all hands on deck; this is why we encourage everyone to do their research and connect because we’re writing the pages.
— Jah. (@ArtByJah) January 13, 2022
What are NFTs?
To put it shortly, NFTs, which stands for a non-fungible token, are unique and cannot be replaced, while cryptocurrencies like Bitcoin are not unique. It is a part of the Ethereum blockchain, and although it is a cryptocurrency, it still supports NFTs. NFTs also have extra information that makes them operate differently, and other blockchains can create their own NFTs as well.
If you don’t know what’s going on with NFT projects and you’re listening to people on Twitter you’ve never met about what to buy without doing your own research, you’re gambling.
— NicoleBehnam.eth (@NicoleBehnam) January 13, 2022
Even more interesting, NFTs can be anything digital, like art or music. Right now, many are excited to be able to sell their digital art, especially with many people gathering online to give advice and support. You can even sell your own tweets, which Twitter CEO Jack Dorsey did for almost 3 million dollars.
— 𝔸𝕚𝕞𝕖𝕖 𝔻𝕖𝕝 𝕍𝕒𝕝𝕝𝕖 (@mashvalleyaimee) January 12, 2022
Basically, the point of NFTs is to have something completely unique to yourself, with no copies, which is a pretty interesting concept. Many believe this will become as popular and well-received as collecting expensive or popular art. This is especially true when thinking about a photo of a Gucci Ghost was sold for 69 million dollars, which is sometimes more money than famous paintings will recieve.
Btw, this Gucci ghost was sold for $3,600 on the NFT market.
Yes, this GIF! pic.twitter.com/kTMGPz9w4Z
— X Gambino (@damilarehakan) April 24, 2021
Who is involved in NFTs?
Though there are many who have established a name in cryptocurrencies that you can find on Twitter, there are also familiar names and faces who have started to become interested in NFTs as well. For example, Youtuber Logan Paul has been very open about the fact that he buys NFTs. Recently, though, he posted on Twitter and announced he sold a piece for 200 Eth, noting this was a 535k profit.
$535k profit. normally id say probably nothing but this is probably something 🤯 pic.twitter.com/JJytuWzOa8
— Logan Paul (@LoganPaul) January 5, 2022
Logan Paul is not alone, though. Other popular names like Paris Hilton and Grimes have both participated in selling digital art for high prices. This is of course an exciting time for digital artists, and those who also want to buy digital art.