What is NFT and why is it so popular?

CryptoHypers
2 min readFeb 10, 2022

NTF, if deciphered letter by letter is a non-fungible token. Simply put, it is a unique token. It first appeared five years ago, but it’s prosperous time only came in 2021.

Initially, NFT tokens appeared in the CryptoKitties game, in which players raised digital kittens and cross-breeded them.

Unlike bitcoin, ethereum and other cryptocurrencies, NFT is one and only unique object that is for sale. What is to be mentioned: the “object” word here does not necessarily imply the idea of brilliance or excellence of the work in question. In the market people sale jpg images, funny gifs and even screenshots. The key to success is finding your audience.

The OpenSea platform supports JPG, PNG, GIF, SVG, MP4, WEBM, MP3, WAV, OGG, GLB, GLTF formats up to 100MB

Since the product is man-made and authentic, it is impossible to evaluate it objectively - the community does not have any legit criteria for this. This means that the creator can ask for any price (provided they have minimal understanding of the rules of market forces), the main thing is that the potential buyer must be willing to pay.

In the vast majority of cases, it is not the art objects themselves that are sold on the NFT market, but only the unique tokens that refer to them. It's not about the physical, and not even about the virtual object for sale. What customer receives is the most secure certificate of their rights to this object.

Similar to any blockchain project, NFT is not tied to one specific server or platform. All operations with tokens are distributed over hundreds of thousands of systems around the world. Data on any transactions with NFT is available to anyone who wants to see it. Essentially, by buying NFTs, you are claiming your right to a digital object to the whole world, and this information will remain in world wide web forever.

Recently, there are more and more situations when, with the help of NFT, not only digital assets are sold, but also quite tangible things and even intellectual property.

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