Explained: What Is Non-Fungible Token aka NFT and Why Is It So Popular Suddenly?
3 years, 9 months ago

Explained: What Is Non-Fungible Token aka NFT and Why Is It So Popular Suddenly?

News 18  

Non-fungible tokens, a type of digital asset, have exploded in popularity this year, with NFT artworks selling for millions of dollars and musicians such as the Kings of Leon rock group embracing them for their latest album. While anyone can view the NFTs, the buyer has the status of being the official owner – a kind of digital bragging rights. WHAT KIND OF NFTS EXIST: All kinds of digital objects – images, videos, music, text and even tweets – can be turned into an NFT. Total NFT trading volumes on the Ethereum blockchain amount to over $400 million, nearly half of which were in the last 30 days, according to NonFungible.com, which aggregates data from NFT marketplaces.

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History of this topic

Are NFTs still as valuable as they used to be? | Explained
1 year, 2 months ago

Are NFTs still as valuable as they used to be? | Explained

The Hindu  

The story so far: A crypto gambling platform, dappGambl, which looked at tens of thousands of NFT collections concluded that most of them were worth close to nothing. WWF UK said it was ending the trial and noted NFTs were a “much debated issue.” dappGambl looked at 195,699 NFT collections which did not seem to have any owners or market …

Most NFT collections no longer have any value: Report
1 year, 2 months ago

Most NFT collections no longer have any value: Report

The Hindu  

Many collections containing the blockchain-based tokens known as NFTs now have a market capitalisation of close to zero, said a report published by the crypto gambling site dappGambl. “This statistic effectively means that 95% of people holding NFT collections are currently holding onto worthless investments. The NFT craze was not restricted to the crypto industry, as social media companies such …

Amazon is working on NFTs, teases its introduction in an email
1 year, 9 months ago

Amazon is working on NFTs, teases its introduction in an email

India TV News  

The e-commerce and cloud computing conglomerate is currently working on a Non Fungible Token related project. According to reports, after a subscription renewal for Prime Video, a streaming service of Amazon, the user received a confirmation email which read that digital token is now available in the gallery of the user. News has been running since January where different rumours …

Cryptocurrency market suffers significant drop as Bitcoin experiences 3.35% decline
1 year, 10 months ago

Cryptocurrency market suffers significant drop as Bitcoin experiences 3.35% decline

India TV News  

As of February 22nd, Bitcoin, which is the cryptocurrency with the largest market capitalization, saw a decline of 3.07% and was trading at $23,791.57. Now, Uniswap is allowing users to trade NFTs on its platform using its native tokens. To use Uniswap's new NFT trading feature, users must first connect their Ethereum wallets to the platform. They can then browse …

The Year the NFT Died and Came Back to Life
2 years ago

The Year the NFT Died and Came Back to Life

Wired  

The inventor of the non-fungible token says he has spent the last two years lurching “from excitement to dread.” Although artist Kevin McCoy says he is “gratified” to see people engaging with what started as his “own private thought experiment,” he claims to be terrified by the gold rush it inspired. In March 2021 during the early throes of NFT …

Explained | The OpenSea tale on the future of NFTs
2 years, 4 months ago

Explained | The OpenSea tale on the future of NFTs

The Hindu  

The story so far: The writing is on the wall for the crypto market. While proponents of NFTs laud these assets as a way to revolutionise the art scene or explore new models of proving ownership, OpenSea users complain of excessive downtime on the platform. One of the best known OpenSea collections was musician Shawn Mendes’ collaboration with Genies to …

Treasury remains committed to NFT despite crypto crash
2 years, 5 months ago

Treasury remains committed to NFT despite crypto crash

The Telegraph  

Ministers are pressing on with plans to create a UK-backed non-fungible token, despite a crash in cryptocurrencies and the exit of key Treasury personnel backing the controversial project. A spokesman said: “We are firmly committed to putting the UK at the forefront of crypto-asset technology and innovation by capitalising on the freedoms gained by leaving the European Union.” Rishi Sunak, …

OpenSea to cut 20% of its staff
2 years, 5 months ago

OpenSea to cut 20% of its staff

The Hindu  

NFT marketplace OpenSea has said it will cut 20% of its staff due to the “crypto winter” and “broad macroeconomic instability.” A tweet by OpenSea co-founder and CEO Devin Finzer on Thursday called the decision “incredibly sad and difficult.” “The changes we’re making today put us in a position to maintain multiple years of runway under various crypto winter scenarios, …

GameStop Launches NFT Marketplace To Let Users Buy, Sell, Create Non-Fungible Tokens
2 years, 5 months ago

GameStop Launches NFT Marketplace To Let Users Buy, Sell, Create Non-Fungible Tokens

ABP News  

As the overall market endures a ‘Crypto Winter,’ which is showing its effects on sales volume for nearly all major crypto platforms, GameStop on June 11 announced the launch of its very own non-fungible token marketplace. Simply called GameStop NFT Marketplace, the platform is currently in its “public beta” phase. At the time of writing, GameStop NFT Marketplace has over …

Confused About Which NFTs Are Virtual Digital Assets? Finance Ministry's CBDT Clears the Air
2 years, 5 months ago

Confused About Which NFTs Are Virtual Digital Assets? Finance Ministry's CBDT Clears the Air

News 18  

The Central Board of Direct Taxes, which is part of the Ministry of Finance’s revenue division, has said that only NFT trades without a concurrent sale of the underlying physical asset will be subject to the tax rates laid forth for virtual digital assets. In the notification, CBDT said: “The Central Government hereby specifies a token which qualifies to be …

Should Creators Consider Selling Their Art Online As NFTs?
2 years, 6 months ago

Should Creators Consider Selling Their Art Online As NFTs?

ABP News  

Non-fungible tokens, or NFTs, have been taking the world by storm, offering creators a unique and arguably better way to monetise their work. That can be an NFT that you can sell.” He added, “Now, suppose you create another drawing of an apple that looks similar but has an additional leaf at the top, then that would become another NFT.” …

Non-Fungible Tokens
2 years, 8 months ago

Non-Fungible Tokens

Live Law  

WHAT IS AN NFT? Opensea, Rarible, SuperRare and Nifty Gateway are some of the most common NFT Marketplaces where NFTs can be created, listed and traded. Creating the NFT Opensea allows users to create NFTs of various formats including images, videos, audio as well as three-dimensional models up to 100 MB in size. Since the artworks underlying the NFTs created …

Dutch police seize NFT's for the first time ever
2 years, 8 months ago

Dutch police seize NFT's for the first time ever

NL Times  

Police cybercrime investigators in Oost-Nederland seized cryptocurrency and non-fungible tokens as part of its investigation into the widespread trade in private data. It marks the first time that a Dutch investigative service seized NFTs, the police said in a statement. "Because NFTs represent value, they can be taken as the proceeds from criminal offenses, as normally happens with expensive cars …

NFTs Don’t Work the Way You Might Think They Do
2 years, 9 months ago

NFTs Don’t Work the Way You Might Think They Do

Wired  

It’s been impossible to avoid hearing about NFTs in recent months. The extremely technical nature of how NFTs, blockchains, and cryptocurrencies work means that it’s easy to simplify the explanation of the tech to the point of being misleading. NFTs Aren’t Authoritative Tokens of Ownership The most persistent misleading claim about NFTs is also the one that’s closest to being …

Irregular sales worth billions fire up wild NFT market
2 years, 10 months ago

Irregular sales worth billions fire up wild NFT market

The Hindu  

On Jan. 12, an image of a computer-generated pix elated person was sold for about $50.6 million worth of crypto currency on a new online marketplace that caters for non-fungible tokens. "There is a lot of activity happening between a couple of wallets – let's say wallet one selling to wallet two, and then wallet two reselling it," said Modesta …

Non-fungible tokens: What is it and how does it work? Experts try to explain
2 years, 11 months ago

Non-fungible tokens: What is it and how does it work? Experts try to explain

India Today  

If you have read the news about Vodafone set to sell the world’s first-ever SMS as NFT then there are good chances that you are browsing to know what NFT is and why there is a sudden hype around it. NFT gives them a chance to showcase their work and make money from it,” Kashyap says as tries to convince …

As NFTs are being sold by the likes of Amitabh Bachchan, what exactly are they?
2 years, 11 months ago

As NFTs are being sold by the likes of Amitabh Bachchan, what exactly are they?

Live Mint  

Some time ago, Amitabh Bachchan made an announcement to launch his own NFT collection to roll out poems, autographed posters and several other souvenirs. He was the first, but surely not the last, Bollywood actor to leverage blockchain technology and use it to launch his own digital assets. Non-fungible token, or an NFT, includes a unit of data stored on …

World's first SMS sold as non-fungible token for over $120,000
3 years ago

World's first SMS sold as non-fungible token for over $120,000

ABC  

The first text message ever sent, which simply reads "Merry Christmas", has been sold for 107,000 euros as a non-fungible token at a Paris auction house. Key points: Vodafone engineer Neil Papworth sent the SMS from his computer It was recieved by a manager in the United Kingdom on an Orbitel telephone The SMS was sold as an NFT The …

What is an NFT and how does it work? The ‘bitcoin for art’ explained
3 years ago

What is an NFT and how does it work? The ‘bitcoin for art’ explained

The Independent  

Sign up to our free weekly IndyTech newsletter delivered straight to your inbox Sign up to our free IndyTech newsletter Sign up to our free IndyTech newsletter SIGN UP I would like to be emailed about offers, events and updates from The Independent. Chris Torres, the artist who first created Nyan Cat, recently ‘minted’ a new GIF of the famous …

Explained: Why some NFTs are so expensive
3 years ago

Explained: Why some NFTs are so expensive

The Hindu  

Nonfungible tokens burst onto the scene earlier this year when some of them started pulling in millions of dollars at auctions. "The buyer knows how many will be made and has blockchain proof of ownership," American billionaire and NFT collector Mark Cuban told online news portal Business Insider. "What we observed is that there is this gigantic heterogeneity in the …

What are NFTs and why is Bollywood going gaga over them
3 years, 1 month ago

What are NFTs and why is Bollywood going gaga over them

India Today  

Many in India are only beginning to get a grasp on cryptocurrencies like Bitcoin and Dogecoin. Designer Manish Malhotra, actor Sunny Leone, Vishal Malhotra, music producers Ritviz and Nucleya, all seem to be carrying the torch for NFTs in India. What we can understand right now is what these NFTs are, what value they hold in the online world and …

NFTs Explained: What Is This Digital Asset That's Making So Many People Millionaires?
3 years, 2 months ago

NFTs Explained: What Is This Digital Asset That's Making So Many People Millionaires?

News 18  

There’s a lot of talk about NFTs these days. Even Twitter founder Jack Dorsey’s first ever tweet was sold for $2.9 million as an NFT earlier this year. However, NFTs can and have been created in sets like trading cards where there’s 50 or hundred of the same exact NFT that are up for sale. How to Create NFTs So …

NFT sales surge as speculators pile in, sceptics see bubble
3 years, 3 months ago

NFT sales surge as speculators pile in, sceptics see bubble

The Hindu  

Non-fungible token sales surged in August, according to the largest platform for the burgeoning digital asset class, as speculators bet growing interest across the art, sport and media worlds will keep prices rising. Reuters found one NFT representing an image of a cartoon ape that was sold on OpenSea for 39 ETH - the cryptocurrency ether -last week, by an …

What is NFT and Why it is Gaining Popularity
3 years, 4 months ago

What is NFT and Why it is Gaining Popularity

News 18  

In present times, there are plenty of cryptocurrencies like Bitcoin, Ethereum etc. In the digital world, NFTs are known for their quality of “one-of-a-kind” assets. The digital objects available on the internet like images, videos, music, text and even tweets, can be turned into an NFT through a unique process. They do it by creating a unique digital certificate and …

Explainer: As international market for it booms, what determines the price of an NFT artwork?
3 years, 6 months ago

Explainer: As international market for it booms, what determines the price of an NFT artwork?

Firstpost  

This July, the Prinseps auction house in Mumbai is set to open their new season with an offering of non-fungible tokens artworks by the Bengali modernist Gobardhan Ash and Oscar-winning costume designer Bhanu Athaiya’s fashion sketches. The move piggybacks on an international boom in the NFT art market, which broke into the mainstream when a digital art piece by Beeple …

Sotheby's hosts first NFT sale where artist Pak's 'The Fungible' collection sells for $16.8 million
3 years, 8 months ago

Sotheby's hosts first NFT sale where artist Pak's 'The Fungible' collection sells for $16.8 million

Firstpost  

NFT stands for non-fungible token, an authentication certificate meant to ensure that ownership of a digital work — animations, videos, photos or music, for example — cannot be forged or otherwise manipulated. Sotheby’s hosted its first sale of art supported by NFTs, the trendy authentication technology, by artist Pak, with the works bringing in $16.8 million, the auction house said …

This New Self-Destructing Website Lets You Create a Unique NFT, But You Can't Tokenize It
3 years, 8 months ago

This New Self-Destructing Website Lets You Create a Unique NFT, But You Can't Tokenize It

News 18  

Want to join into the NFT gold rush, but can’t make art? ‘Tokenize This’ generates a unique URL that shows an image that isn’t very much different from some of the other NFT artworks being sold online. The creator of the website, Ben Grosser, explains it is “A generator of unique digital objects that can only be viewed once.” “Tokenize …

Artist Beeple on selling NFT collage for a record $70M: 'People are trying to look for some scam; I don't see it'
3 years, 8 months ago

Artist Beeple on selling NFT collage for a record $70M: 'People are trying to look for some scam; I don't see it'

Firstpost  

Beeple, whose real name is Mike Winkelmann, spoke with AP about his auction result, NFTs and how the crypto art boom is affecting him and other artists who haven’t previously had a way to guarantee exclusive ownership of digital works, which by their nature can normally be freely copied. The Associated Press caught up with Beeple, whose real name is …

NFTs are Confusing Everyone, But the Newest Internet Token is Raking in the Memes
3 years, 9 months ago

NFTs are Confusing Everyone, But the Newest Internet Token is Raking in the Memes

News 18  

What is an NFT? The first NFT album was ‘Kings of Leon’s ‘When You See Yourself.’ After art and auction houses, news organizations and galleries So what really, really is an NFT? James Murphy, CEO of Future Fallout, writes that ‘just like a concert ticket symbolises the ownership of the space of a seat in the concert arena, and a …

NFTs Are a Collective Hallucination—So What?
3 years, 9 months ago

NFTs Are a Collective Hallucination—So What?

Wired  

Have you had a shot yet? Eventually, the winner paid $3,666,666 in US dollars for what 3Lau called “the first tokenized album.” Bidder 65 now has unique access to the song, which others one day might hear for free. Currently, Christie’s is auctioning digital work by the artist Beeple, whose pieces look like Lucien Freud designing for Pokémon. That was …

What the Heck Are NFTs, and Why Are Grimes, Lindsay Lohan, and the Guy Who Made Nyan Cat Selling Them?
54 years, 11 months ago

What the Heck Are NFTs, and Why Are Grimes, Lindsay Lohan, and the Guy Who Made Nyan Cat Selling Them?

Slate  

You know Nyan Cat? Take the art that Grimes sold: The digital images and short videos she put up for sale—and which went for prices as high as $389,000—are freely available on the web, so you don’t really have to “own” anything to view and appreciate the art, nor did buying one get you something like a canvas or other …

Explainer | NFTs are hot. So what are they?
3 years, 9 months ago

Explainer | NFTs are hot. So what are they?

The Hindu  

Non-fungible tokens, a type of digital asset, have exploded in popularity this year, with NFT artworks selling for millions of dollars and musicians such as the Kings of Leon rock group embracing them for their latest album. WHAT KIND OF NFTS EXIST All kinds of digital objects - images, videos, music, text and even tweets - can be turned into …

What are NFTs: How to use NFT and how do they work
3 years, 9 months ago

What are NFTs: How to use NFT and how do they work

India Today  

Non-fungible tokens, or NFTs, are unique crypto assets. How are non-fungible tokens used: Non-fungible tokens can be used for digital assets or goods that are different from each other to prove their worth and rarity. How do NFTs work: Non-fungible tokens can be created on contract-enabled blockchains with non-fungible token tools and support. Non-fungible tokens and their smart contracts allow …

NFTs Boom as Collectors Shell Out to ‘Own’ Digital Art
3 years, 9 months ago

NFTs Boom as Collectors Shell Out to ‘Own’ Digital Art

Wired  

It started with CryptoKitties. Each image was associated with a unique string of digits—a cryptocurrency “non-fungible token,” or NFT—that could be traded on the Ethereum blockchain platform as a title deed granting the holder ownership of a particular kitty. Its end point is an auction that started on Thursday, in which a token associated with a digital collage of 5,000 …

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