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Tuesday, January 25, 2022

Why these celebrities’ tweets are sold in crores, big reason came out

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A few days ago, Twitter CEO Jack Dorsey’s first tweet was auctioned at $ 2.4 million. All this was possible due to NFT. Know what is this NFT …

Token photo

NFT means non-fungible token, this term has been in discussion for some time. The prevalence of this word has increased in bids, auctions and gifts. People are also interested in this term due to being connected with blockchain technology.

A few days ago in an interesting auction, Twitter CEO Jack Dorsi’s first tweet was auctioned as NFT. It cost $ 2.4 million in the bid. Earlier in such bids, a video clip was sold for about 49 crores rupees. Now these tokens are also being used as gifts. The funny thing is that no item will come in the hands of the buyer or gift wrapped in a gift wrapper.

What are non-fungible tokens?

NXT is a kind of digital asset and its circulation has increased significantly during COVID 19. People use it to shop for things available on digital platforms. Basicly NXT is for buying things that cannot be exchanged.

NFT represents a unique digital item. Total Deposit This is a new way of displaying digital art or anything that is digitally present. Since fungible means things that you can change among themselves. Like your mother’s given thousand note, which you can replace with 10 notes of 100, its price will remain the same. But you can give a gift on your mother’s birthday, no gift can be changed by anything or money because it has a different value. This is just non-fungible.

Talking about the token, you must have seen it at your nearest samosa shop, which you buy by paying money and get samosas of the same price by just giving the token at the counter. This game is the reason for the success of non-fungible tokens.

Aggregate NFTs are cryptographic assets that work on the blockchain, which have unique identification code and metadata, which makes them of different importance than anything else.

Use of NFT increased during Corona period

NFTs are unique asset classes that can be created and sold online without the help of a third party. When the world came to a standstill due to Corona virus, the craze of NFT increased. Artists used it fiercely. Those who are not interested in the rest of the blockchain, understand that NFT is nothing more than a few lines of code. It is another matter that among those who are interested, they keep a lot of value.

Recently Elon Musk was also selling his non-fungible token i.e. NFT through a tweet. However, he later pulled his feet back from this $ 1 million tweet deal.

Also read- LinkedIn data leak case: The company rejected the report of 50 crore users’ data leaks, know the whole case

Also read- Download online in this way Election booth slip, work will be done in just 5 minutes

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Bhagyashree Soni
Bhagyashree Soni is a software engineer with soft writing skills. She is a degree holder from the International School of Entrepreneurial Leadership. She has been a state-level badminton champion and chess player. A woman with a forthright attitude enjoys her writing passion as her chosen career. Writing in the context of feminism, social-cause and entreprenurship is her forte.
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