NFTs, the new crypto craze
NFTs, the new crypto crazeNon-fungible tokens, a kind of non-interchangeable blockchain-based digital tokens, are developing in the gaming, sports and even luxury sectors.
You've finally figured out what bitcoin is. You begin to understand what Defi (or decentralized finance) is . You will have to work on NFTs, the non-fungible tokens. Rest assured, it is not that complicated. An NFT is a digital token with its own characteristics and which is not interchangeable. It is therefore unique unlike a bitcoin which can be exchanged for another bitcoin. Ah, we almost forgot: it is based on blockchain technology, most often on Ethereum , which means that we can certify who owns it and trace it.
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To buy or sell, there are several specialized platforms like OpenSea and Rarible. The first known NFTs are called Cryptokitties, small virtual colorful cats that look like Pokémon. Appeared at the end of 2017, this project is quite simply a collector's game (we call it a collectible) in which you can buy, sell and even create a new Cryptokitty by merging two of them. Within days, the total transaction amount of Cryptokitties had reached almost $ 5 million. A huge success that even congested the Ethereum network. For example, the "Genesis" cat was sold for 246 ethers, the equivalent of 97,000 euros at the time (and 300,000 euros today!). "Back in the Cryptokitties era, NFTs were more of a basic tokens associated with images. For some users, this meant somethingrisky investment and that it is better to put money that is ready to lose.
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Since 2017, NFTs have changed a lot. It is always possible to buy a Cryptokitty but also works of art, game cards, domain names or even tweets. Twitter boss Jack Dorsey auctioned off his first tweet on March 6 . At the time of this writing, the highest bidder has offered the modest sum of $ 2.5 million. Still far from the record which stands at $ 6.6 million for a digital work by artist Beeple representing a Donald Trump not really to his advantage.
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