The whole talk around NFTs has taken over the internet, and it has left the world either excited or perplexed.
They’re simple, really. Before getting to NFT, let’s understand what asymmetric cryptography is.
In the usual symmetric cryptography, there is one key that the sender of a message uses to encrypt a message, and then the recipient uses the same key to decrypt it.
Whereas asymmetric cryptography is a bit more secure - the sender encrypts it using a key, the recipient decrypts it using another key.
NFTs or Non-Fungible Tokens are just this. Each person has two keys - one is a public key, one is private. Obviously, public keys are known to the entire world, private keys only to you.
It is no surprise, looking at the hype, that NFTs have helped in generating a lot of income for many people. They are typically sold in markets, with various methods varying based on the platform. One can basically post your stuff to the marketplace, convert it to NFT, and then wait for it to sell. It's a lot like the mainstream online marketplaces like Amazon or Etsy.
Fun fact- In 2021, the global sale of NFT reached 25 billion dollars.
The online world shook when Twitter launched the NFT profile pictures. Since then, social media can’t get enough of NFTs and vice-versa!
YouTube has been distributing personalised NFTs to the influencers.
Reddit has launched a first test for changing profile pictures with an NFT.
Users in the United States, Canada, and Mexico can now beam their virtual selves across applications via stickers, profile images, and feed posts thanks to the launch of 3D Avatars for Facebook, Messenger, and Instagram.
It is believed that NFTs have the potential to expand outside the realms of art and gaming, especially if affluent investors and more people continue to invest. These aspects that can represent proof of ownership, give social status, grant exclusive access, manage to license, and confirm authenticity have also contributed to NFT's growth. It is predicted to flourish more in the near future.
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