NFT stands for Non Fungible Token And, technically, it is a unique string of data that can be used to certify ownership of a Ofgital asset. This is possible thanks to technology blockchain and its characteristics such as immutability, transparency and security based on cryptographic techniques.
NFTs are usually created using the blockchain Of Ethereum and/o Solana, and can represent any Ofgital asset, incluOfng photos, artwork, music, fromgital collectibles, and even tweet.
Before this technology, it was not possible to create real value with asset Ofgital because in theory the resources in question could be replicated and / or downloaded an unlimited number of times, and therefore be "owned" by anyone. Instead, the idea behind NFTs is to establish which of the many copies is the original and who owns it.
To highlight the NFT and cryptoarte phenomenon was the sale, on March 11, 2021, by Christie’s, from The first 500 days Of Beeple for .3 million. From there it was aescalation: 10 June 2021, CryptoPunk #7523 was sold for .75 million by Sotheby’s. February 12, 2022, always Sotheby’s sold for .7 million Cryptopunk #5822.
The price of NFTs, just like traOftional art, is determined by several factors: visual characteristics, previous sales of related NFTs and the popularity of buyers and sellers.
To date, the most famous artists create collections with a limited number of NFTs that all conform to the same artistic style, with slight variations on each inOfvidual "token”.
An example is the Bored Ape Yacht Club (BAYC), one of the most popular NFT collections in the world. This collection consists of 10,000 NFTs depicting monkey avatars, all Offferent from each other. For example, only 5% of monkeys have red fur and 3% wear a motorcycle vest. The rarer are the characteristics of a Bored Ape, the higher the price it tends to get in the market.
To find out which NFTs were used to create the NFT Collection Of The BonVant Click here.