What is an NFT and Who Founded NFT?
NFTs __ Are Non-Fungible Token, can be of anything, an art painting, structure, Canvas, 3D’s, created and stored in computer software as data on the blockchain this data automatically becomes non-interchangeable and can be traded using a smart contract.
The first NFT act is known as “Quantum” created in 2014 by Kelvin McCoy a digital artist who draws canvas images using codes, Kelvin’s work represents an ongoing, abstract, cycle of birth, death, and rebirth, telling his story through color, line, and movement. In 2014, he had an idea to use blockchain technology to create indelible provenance and ownership of digital images, Quantum was the first ever to be recorded in its kind of NFT Image, Over time more NFT projects are been created before the crypto punk NFT boom which brought crypto to the mainstream.
The punks NFT is the boomer of the digital arts, created by Larva lab, a New York-based company founded by an ex-Google employee Matt Hall and John Watkinson in 2017, punks were initially airdropped to Ethereum holders at its time and got the first media boom in 2018 and were future on popular media outlets across the US, In 2021 bull run the crypto punk price reached an all-time high of $7.8 million.
Today there are millions of NFT art out on the NFT market, the NFT market is a digital store where NFT can be traded, there are two categories of NFT markets, the Secondary and the Primary NFT markets
NFT Secondary market is the web application where NFTs can be purchased which is described as minting or traded, the Primary market is the front end of the developer’s or artist dashboard where he/she clicks the bottom to list the created art, and it is described as Listing, there are various NFT markets on the blockchain today, the most common is OpenSea which initially was Ethereum only NFT market but extended into another blockchain NFT.
NFT has become the character of web3, anyone can create art in real-time and place the art in an open market for the exchange of digital like bitcoin and Ethereum tokens.
HOW TO BUY NFT?
There are various types of NFT creation just as there Are different categories of art, to buy or mint any NFT you require to Download the particular blockchain wallet and required a specific token for payment and had transaction which is described as Gas Fees and your token can be purchased from any exchange mostly centralized exchanges, the most used wallet for NFT is the Ethereum Metamask wallet.
Disclaimer:
This is my first article on NFT. More educational articles will be written for examples.
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