NFT has become the most talked-about cryptographic in the years 2021 and 2022. The sudden growth in the market has made it clear that more people are interested in this new technology. Famous personalities and celebrities have made millions of dollars through NFTs. Artists are looking at it as another medium to connect with their fans and sell their art.
The most popular NFT art in 2021 was Merge, created by the anonymous digital artist named Pak and sold for $91.8 million. The first time NFT made into headline was when the famous artist Mike Winklemann is famously known as 'Beeple' sold his NFT art ‘Everyday: The first 5000 Days’ for $69 million.
Over the last decade, blockchain technology has become popular among various companies. Most sectors are now thinking to build their transaction system on blockchain networks to bring transparency and efficiency. NFT is one of the digital assets which is encoded with the same underlying software as cryptocurrency.
How do NFT and blockchain technology intersect?
NFT is the digital assets that represent real-world objects like music albums, animes, avatars, paintings, digital art, sports cards, etc. Anything that is available online and is original can be converted into NFT. Now the question is whether these digital cryptographic can be copied? Yes, they can be copied and made duplicates until and unless it is not on blockchain technology.
Blockchain technology plays an important role in making each NFT unique and individual. Each NFT has a unique identification code and is stored on metadata. Furthermore, the blockchain network keeps a record of real-time data on the public ledger that you can access easily. The peer-to-peer transaction eliminates the third party involvement and makes the trading process efficient.
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