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What are NFT(s)? Why they are so popular?

by | Nov 8, 2021 | Blogs

One might be wondering what is an NFT, anyways?

Hours of reading different sites blogs reviews websites watching videos now I think I know what an NFT is and I think I might cry due to the shock that where the digital world is headed. The blogs cover ups what a NFT is what it has done till date and most importantly what Ropstam has created in the field of NFT resulting in the growth of the company.

They can be said as a bit risky fad or a new opportunity for artist but when these NFT’s sell for millions of dollars they become the headlines which are the headlines for the past 4 5 months as they continue to take the world of gaming and art.

Starting off with the basics,

What NFT is and stands for?

Non-fungible token.

Well sorry, that doesn’t make it clear. A “Non-fungible” is unique which can’t be replaced. Like a bitcoin is fungible trade one for another bitcoin.

What NFTs really are the digital assets which hold value which makes it a unique non-interchangeable unit of blockchain data stored which gives a proof of ownership of the NFT.

Digital files easily produced can be stored as NFTs anything unique which can be stored digitally and have worth of it weather it is any form of art, photography, meme, music, video files or even tweets.

How do NFTs work?

Ethereum a blockchain cryptocurrency which is part of most of the high level NFTs which stores all the extra information which works differently from an Ethereum coin. Other blockchains can also implement their own versions of NFTs too.

How to create an NFT

Well, if someone is a potential digital artist one might he might be interested in creating NFTs as there are various platforms available for a kick start. The process is simple and guides one through the process step by step.

Where can I buy NFTs?

If one is really interested in buying a NFT depending on what you want to buy there are many platforms available. Firstly, you will require a cryptocurrency wallet. Just an info that Beeple piece was sold for $69.3 million.

Ropstam recently designed and developed an NFT Website

A big step ahead for the company as Ropstam recently designed and developed an NFT site by the name DogeBabies. Site is live go ahead visit and check it out. https://dogebabies.com/

It basically is a game which involves cute and battle ready dogs who live in a virtual world and you will use them to roam the world this is to make friends with puppies for gaming battles and to make them stronger. DogeBabies a Crypto Art project with cute DogeBabies on Ethereum Blockchain. Many unique collectible PUPPIES with proof of ownership and authentication can be claimed and traded as NFT (non-fungible tokens). No two are exactly alike! The original drop is 60 unique Doge Baby GIF projects by hand remaining are programmatically generated based on handcrafted pixel art. As the project is the brainchild of Pinkie the Artist.

Highly professional and talented team of Ropstam completed this project with full dedication. It was important to deliver this project fully and in time as NFTs are the new trend and if our company makes one good site for one company this will result in the goodwill of the company for future as more clients would be attracted towards Ropstam to get their site constructed.

 

 

Are people really believing in this that it will be like collecting art?

Doesn’t matter what we think of people who paid almost $390,000 for a 50-second video by Grimes or the person who paid $6.6 million for a video by Beeple really hope it becomes an art collecting.

What about the Gucci Ghost worth $3,600? Also, I wouldn’t tell earlier the Beeple auctioning off at Christie’s ended up selling for $69 million.

P… Penguin communities?

People have long built communities based on similar things which they own same is happening with NFTs. A popular community which resolves around collection of NFTs is Pudgy Penguins. One of the earliest NFT project is Crypto Punks and how can I forget the animal themed community, the Bored Ape Yacht Club.

Bored Ape Yacht Club launched in April

What’s the point of NFTs?

Well, the point can be well explained if firstly you know weather you are an artist or buyer.

I’m a buyer

One of the reasons behind buying these trendy stickers is financially supporting artists which is the basic point of NFTs. Buying one involves basic usage like image online or setting profile picture. Importantly you can brag about the blockchain art of millions of dollars you own.

I’m an artist.

Firstly, I am proud of you ARTIST you are interested in NFTs because it gives a platform to sell your art on a much better market which will also have a worth of it apart from other markets. What if you come up with a really cool sticker, what are you going to do? Sell it on iMessage App Store? No way. NFTs also have a feature that will pay a certain percentage every time NFT sells or changes hands, this helps you staying in loop if your sticker gets popular and balloons in value, you the artist will see some of the benefits.

No, I meant I’m a collector.

Ok ok yes NFTs can be a collection and can work as uncertain assets as you buy it and hope its value goes up so you could re-sell it for profit.

 

Who would pay hundreds of thousands of dollars for what a rock?

After seeing people ready to pour out ridiculous amounts of cash to own NFT’s.

A rock clipart, seriously a rock which can be downloaded free of cost from anywhere but no what even is sold on the blockchain.so if anyone interested in having ownership of Ether Rock for a low price of $272,679.

Who here is not a marvel fan and when a marvel fan is not a captain America fan and don’t just be fooled by their appearance The Marvel Mighty line has added a new trend to the marvel superheroes. They may look small but they’re still Mighty.

 

Where are sports lovers? Nike too now holds a patent for blockchain based sneakers called ‘Crypto Kicks’

 

What happens is when a customer buys a genuine pair of shoes a digital representation of the shoe may be created which is linked with customers cryptographic token, this is what collectively represents a ‘Crypto Kick,’

The pros and cons of NFTs

NFTs are clearly popular right now. But what are the pros and cons of NFTs?

Pros include that they give artists ownership over digital assets, they’re unique and collectable, they’re immutable and can include smart contracts

Cons include that it is a speculative market, the digital assets can be copied, environmental costs and important one they can be stolen.

Where to look for it?

You can easily look for it as several marketplaces have popped up, these include OpenSea, Rarible, and Grimes’ choice, Nifty Gateway

around NFTs, which give a platform for people to buy and sell.

Am I tired of typing “NFT”?

Yes.

 

 

Reference

https://www.theverge.com/2021/3/11/22325054/beeple-christies-nft-sale-cost-everydays-69-million

https://niftygateway.com/marketplace?collection=0x4140783cc1ba30653a0777126b122931e233ba14&tokenId=1300010027

https://www.rollingstone.com/culture/culture-news/bayc-bored-ape-yacht-club-nft-interview-1250461/

https://www.theverge.com/22310188/nft-explainer-what-is-blockchain-crypto-art-faq

https://dogebabies.com/

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