Hello EntrepreneursHello Entrepreneurs

    Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    What's Hot

    Invisible Dental Braces with Digital Dentistry in Kolkata

    June 8, 2023

    RBI Policy Announcement Receives Favorable Feedback from Real Estate Experts

    June 8, 2023

    Maxima Watches Unveils the Max Pro Turbo 2

    June 8, 2023
    Facebook Twitter Instagram
    Trending
    • Invisible Dental Braces with Digital Dentistry in Kolkata
    • RBI Policy Announcement Receives Favorable Feedback from Real Estate Experts
    • Maxima Watches Unveils the Max Pro Turbo 2
    • EcoSoul Home signs MoU with Krishikalpa Foundation
    • NeuralGarage Revolutionizes Multilingual Lip Sync In Media With VisualDub
    • SheerDrive raises an undisclosed amount in Pre Series A round
    • BlackRock to raise up to $7 billion for Fourth Global Renewable Power Fund
    • Adani Ports aims to achieve 100% renewable energy mix by FY25
    Facebook Twitter Instagram
    Hello EntrepreneursHello Entrepreneurs
    21by72
    • Business
    • Corporate
    • Startups
      1. Startup news
      2. Startup Stories
      3. View All

      NeuralGarage Revolutionizes Multilingual Lip Sync In Media With VisualDub

      June 8, 2023

      SheerDrive raises an undisclosed amount in Pre Series A round

      June 8, 2023

      Byju’s launches AI models amid financial woes

      June 7, 2023

      Shilpa Shetty-backed wickedgud raises $250k

      June 7, 2023

      From puberty to menopause, Sirona creates cutting-edge products

      June 2, 2023

      Trivayu, India’s largest hyper-local content distribution brand

      May 27, 2023

      XPDEL: “Order Delivered On Time, Every Time!”

      May 26, 2023

      Cashaa world’s first live global crypto-friendly banking platform

      April 29, 2023

      Invisible Dental Braces with Digital Dentistry in Kolkata

      June 8, 2023

      RBI Policy Announcement Receives Favorable Feedback from Real Estate Experts

      June 8, 2023

      Maxima Watches Unveils the Max Pro Turbo 2

      June 8, 2023

      EcoSoul Home signs MoU with Krishikalpa Foundation

      June 8, 2023
    • Entrevista
    • People
      1. Womentrepreneurs
      2. Entrepreneur Saga
      3. Worklife
      4. View All

      A Peak into digital marketing by Diquery

      June 6, 2023

      NCW & EDII to organise 100 Entrepreneurship Awareness Programmes for Women Entrepreneurs Across India

      June 5, 2023

      ‘House to Home’ reflects Japanese aesthetics with Indian value

      May 29, 2023

      Chrome Hospitality: We don’t just create restaurants, We create experiences!

      May 26, 2023

      KP Group’s Faruk Patel: Championing a better environment for future generations

      June 6, 2023

      Greenman fighting climate change with principles of non-violence

      June 5, 2023

      Dr Mamta Soni’s Nature Care Clinic inspires a shift to natural beauty and wellness products

      June 5, 2023

      Save Earth Mission’s Global Community Rallies For World Environment Day

      June 5, 2023

      Techno Paints appoints Mahesh Babu as brand ambassador

      June 7, 2023

      fischer India is Now Great Place To Work Certified

      June 7, 2023

      YC-Backed Ed-Tech Startup Novatr Strengthens Leadership team to accelerate hyper-growth trajectory

      June 6, 2023

      Elan Group Appoints Manoj Adlakha as Strategic Advisor

      June 6, 2023

      Invisible Dental Braces with Digital Dentistry in Kolkata

      June 8, 2023

      RBI Policy Announcement Receives Favorable Feedback from Real Estate Experts

      June 8, 2023

      Maxima Watches Unveils the Max Pro Turbo 2

      June 8, 2023

      EcoSoul Home signs MoU with Krishikalpa Foundation

      June 8, 2023
    • Insight
    • More
      • Crypto News
      • Market
      • Technology
      • World
    • E-Magazine
      • 2023
        • June 2023
        • May 2023
        • April 2023
        • March 2023
        • February 2023
        • January 2023
      • 2022
        • December 2022
        • November 2022
        • October 2022
        • September 2022
        • August 2022
        • July 2022
        • May 2022
        • April 2022
        • March 2022
        • February 2022
        • January 2022
      • 2021
        • December 2021
        • November 2021
        • October 2021
    Hello EntrepreneursHello Entrepreneurs
    Home»Technology»What are NFTs, history & 2023 projections
    Technology

    What are NFTs, history & 2023 projections

    Suhasi LekinwalaBy Suhasi LekinwalaMarch 23, 20236 Mins Read0 Views
    Share
    Facebook Twitter LinkedIn Telegram WhatsApp Email

    What are NFTs?

    Non-fungible means something that cannot be replaceable. Also known as non-fungible tokens, NFTs are unlike cryptocurrencies, which are very much fungible and can be replaced with other cryptocurrencies. Hypothetically let’s say if NFTs are to be exchanged directly, you won’t be getting the same kind of NFT in return, meaning that each NFT has its own unique identity.

    NFTs work on the blockchain system. Most NFTs belong to Ethereum and can be traded via ether (the currency of Ethereum). Blockchain technology, aka distributed ledger technology, keeps track of transactions between the people concerned.

    NFTs are everything digital; it could be music, audio, digital art, collectibles, photography, event tickets, and whatnot. Different cryptocurrencies have their own NFTs, and many brands have started creating their own digital collectibles, which have made NFTs easier.

    Benefits of NFTs

    Ownership: It is made secure by the blockchain system, where although anyone can have the asset’s copy, i.e. anyone can take a picture or download the picture of the asset. But it protects the ownership of the NFT in a way that solely the owner can own the digital piece.

    For example, downloading Ariana Grande’s songs wouldn’t make you its rightful owner.

    Transferring ownership on the blockchain is also easier than physically verifying and maintaining the right. The advantage of easy transfer of ownership of assets with NFTs is proven in different real-life scenarios.

    Monetization: It is an excellent way for artists to sell their art digitally and thereby monetize it. The artists can get a better platform to market their art and maximize their profit by having people bid on their art, which creates a better digital platform for artists to thrive.

    When these assets are resold, the NFTs can be set in a way that can help the artist earn

    A certain amount of royalty is paid every time the art piece is resold after being sold by the artist themselves.

    Thus, it can get multiplied returns every time it is resold (even for years)

    Dynamic NFTs are constantly changing and thus can attract a lot of buyers, and hence the sellers could get a considerable amount due to its nature of not being limited within the blockchain world.

    Insurance: Apart from several advantages, the smart contract has a record of ownership of the product and details of the owner, allowing compensation for the product if the owner loses their asset.

    But for this, the owner has to prove the uniqueness of their asset and that they are the rightful owner.A brief history of NFTs:

    Before Ethereum even existed, the concept that led to the initiation of NFTs was made up in 2012 when Meni Rosenfeld, in his paper, introduced the idea of ‘Colored Coins’ for Bitcoin.

    The Colored Coins reports the methods to represent and manage the RWAs (real-world assets) on the blockchain so that one can prove the ownership of the assets, which is very much like the regular Bitcoins. The difference is that it has an added ‘token’ which forms its own use, making them special and unique in its own way.

    One of The setbacks of Bitcoin was that the concept of Colored Coins was not realized, but despite that, it laid the foundation for NFTs to be invented.

    May 3rd, 2014, was when Kevin McCoy, a digital artist, minted the first NFT ‘Quantum’ on Namecoin (which is a blockchain system). ‘Quantum’ is a digital image of an octagon that changes colour as well as palpitate in a manner that resembles an octopus.

    After these major events, a good amount of experimentation, as well as development, happened, and platforms were built on top of Bitcoin. Ethereum also started its initial journey on NFTs.

    Eventually (Bitcoin 2.0) was set up and got recognized as a platform that allowed the invention of digital assets.

    Memes and a host of Rare Pepes NFTs were what the counterparty platform relied on in 2016.

    Despite how everything turned out, it was never meant to be used as a database for tokens representing the ownership of assets, and thus NFTs had to shift to Ethereum.

    In 2017, NFTs became more mainstream and shifted to Ethereum, where cyrptopunks, a generative art, also inspired ERC-721. Cryptokittens, a virtual game that allows you to adopt, breed, and trade cats, became immensely popular.

    In 2021, a digital art piece auctioned by Christie’s auction house called “Beeple’s every day: The first 5000 days” gained massive popularity on the platform and made a whooping sale of $69 Mn and helped expand the platform for a lot of artists to sell their art in a way that could prove to be very profitable to them, as well for many people involved in the investment and trading world.

    By 2021, other cryptocurrencies had started making their versions of NFTs.

    Timeline of 2022 NFT trade: 

    The timeline of sales of NFTs has indicated high instability despite it being a massive success in 2021

    • In January, sales registered on OpenSea were up to $5 Bn.
    • The trading seemed to slow down for months.
    • That is till April, the launch of land plots of the other side and a bored ape yacht club-themed metaverse game led to a single-day record for the volume trading.
    • Unfortunately, the trade volume fell from $3.3 Bn in May to just $1Bn in June.
    •  After this, the trade volume has yet to top $1Bn again.
    • Despite the market crash, the sales nearly matched the 2021 boom.

    What could 2023 be like? 

    With the fall in the cryptocurrency market, the trade volume of NFTs decreased as well. The trade volume may not be at its best currently, but many suggest that NFTs are here to stay. As the world continues to lean towards AI technology, NFTs will be there, benefitting from new, greater inventions.

    1. AI-generated arts already exist, that too legally, whether one may like it or not, it could immensely lead the market with people generating more non-human art.
    2. According to an article published by Cointelegraph, quite a few executives of several companies see the gaming sector becoming a hit in the marketplace.
    3. We may see fashion get closely associated with the world of tokenization, and we may even see more brands tokenize their physical assets.
    4. China has already initiated the centralization in web3, and other countries may also follow by interfering with the centralized applications.

    Even if the art market may not seem as exciting, it indeed seems that the diversification of the market will bring a lot of changes in the NFT market itself. There could be changes seen in the working of Web3. Either way, the future of NFTs seems more exciting than in 2022.

    Ariana Grande Beeple's every day: The first 5000 days Blockchain Technology cryptocurrencies Cryptokittens cyrptopunks Ethereum metaverse NFTs Rare Pepes
    Previous ArticleLegalPay launches a pay later product for legal expenses
    Next Article From Fantasy to Reality: Yamuna Sree is creating memorable characters with make up artistry for the “Glamour World”
    Avatar
    Suhasi Lekinwala

    Related Posts

    Maxima Watches Unveils the Max Pro Turbo 2

    June 8, 2023

    OpenAI CEO Sam Altman to meet PM Modi today

    June 8, 2023

    A Peak into digital marketing by Diquery

    June 6, 2023
    Demo
    Startup News

    NeuralGarage Revolutionizes Multilingual Lip Sync In Media With VisualDub

    June 8, 2023

    SheerDrive raises an undisclosed amount in Pre Series A round

    June 8, 2023
    Hello Entrepreneurs
    LinkedIn Facebook Instagram Twitter YouTube
    • About Us
    • Contact us
    • Privacy Policy
    • Legal Disclaimer
    © 2023 Hello Entrepreneurs. Designed by Primex Media.

    Type above and press Enter to search. Press Esc to cancel.

    Go to mobile version