Some Interesting NFT Facts Everyone Should Know.docx

Some Interesting NFT Facts Everyone
Should Know
NFTs or non-fungible tokens have becomequite a digital phenomenon
since last year. It has now become a million-dollar industry with so many
collections and collaborations dropping almost every month.
The NFT market is gradually making its way into the mainstream media.
From Snoop Dogg collaborations,and Seth Green’s NFT animated show to
Beeple selling NFT art at a record-breaking price of $69M, NFTs have truly
become an in-demand digital asset. Since NFTs are now the future of the
world, it is important to be familiar with digital collectibles.So, here are 10
interesting facts about NFTs that everyone should know about:
1. NFT is irreplaceable
NFT stands for Non-fungible token which means each token is designed in
such a way that it cannot be replaced or duplicated. Every NFT is created

unique. Even if they are based on the same art, they still have some rarity
traits which make them unique.
2. NFTs are most popularamong millennials
Many believe that NFTs might be a Gen-Z thing, but they are wrong.
Millennials are equally interested in NFTs. Since mostmillennials are in
their early 30s or late 20s,they have the funds to buy digital collectibles of
their favorite collection.Gen-Z might still be a little too young to buy these
expensive assets as of now.
3. NFTs empower creators
With so much competitionin the traditional market, NFTs give artists and
creators a new platform to showcase their work and build their careers on
it. Many new artists have becomequite popular since NFTs became a
thing. Furthermore, NFTs give them the room to explore new possibilities
and explore creativity within themselves with the new technology. The
biggestexample is digital art. The illustrators usually struggled due to
excessive forging of their work, but the NFTs gave them the right to own.

4. MostNFTs run on the Ethereum blockchain
Ethereum is the most used blockchain network where NFTs are minted.
Most tokens find it easier to operate on the Ethereum blockchain as ERC-
721 and ERC-1155standard tokens.Although there are many blockchain
networks emerging with zero-gas fees and high speed,still many creators
and developers preferoperating on the Ethereum blockchain.
5. NFT operate through smartcontracts
Smart contracts are programs stored in the blockchain that is triggered
when a preconditionis met. So, whenever a creator mints NFT on the
blockchain, a smart contract is created.The smart contract looks over the
exchange between an NFT buyer and a seller without any central authority
involved. In other words, these programs are self-executing that
authenticate ownership when the contract terms are met.
6. Colored coinsis the first-ever NFT project

Before Bored Ape Yacht Club or CryptoPunks, the Colored coins was the
first-ever NFT project to be launched on the Bitcoin blockchain. In fact, the
Colored coins project gave birth to the conceptof NFTs.The collectionwas
mainly colored Bitcoins that were differentand had more face value than
regular Bitcoins.
7. People sentNFTs as a fundraiser to supportUkraine
The Ukraine-Russia war that began in February 2022 and is still ongoing
motivated the NFT community to send their NFTs as a fundraiser to
supportUkraine in the war.Due to a lack of funds, the Ukrainian
government reached out to the crypto community for help. As a result,
people sent funds through cryptocurrencies and also sent NFTs into the
Ukrainians’ wallets.
8. Memesare now NFTs
Memes, once content for humor and laughs, now hold value in the form of
digital collectibles.People now buy NFT memes worth thousands of dollars
and trade them on the marketplace.Memes like Nyan Cat, Bad Luck Brian,

Grumpy Cat meme,Scumbag Steve, and many more have become
valuable digital assets to own.
9. Beeple’s “Everydays”NFT collage sold for $69.3 million
Beeple is now the best-selling digital artist in the world. His NFT collage
called “Everydays” was sold for $69.3M,making it the most expensive NFT
up-to-date.
The NFT collage is a mosaic compilationof all the works of Beeple since
2007 which went on auction at Christie’s auction house.
10. Solana NFT is the newly emergingspace
Recently, the Solana blockchain has become a rival of Ethereum in the
NFT space. The marketplace has introduced some of the most valuable
and exclusive works like Degenerate Ape Academy,which surpassed the
August 2021 trading volume of both BAYC and CryptoPunks. All in all,
Solana might be the next dominant blockchain network in the world.

Now that you know some of the interesting facts about NFTs, you can
confidentlysay that you are familiar with the non-fungible industry.
For More NFT News like this visit NFTstudio24wherewe dive into the
world of NFTs.

Some Interesting NFT Facts Everyone Should Know.docx

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