Someone Actually paid $6.6 million for this NFT
My reaction after seeing the ridiculous prices paid for a digital art was unbelievable.
Well NFTs are Non-Fungible Tokens meaning they are unique and special. You can’t have more than one type of the NFT. For instance, you can exchange 1 bitcoin for another 1 bitcoin. There is no difference. Everyone has bitcoin, no one has a unique bitcoin. That means bitcoin is fungible. This digital tokens could represent anything, from your art, to music, to videos and all. They are mostly bought and sold online.
This NFT was bought for $6.6million
Because of how unique they are , and having unique digital codes they create digital scarcity making it very expensive.
But people can access these NFTs anytime on the internet why so expensive?
This Gucci Ghost was bought for $3,600
Well for a start, the original NFT usually have a unique very digital signature just like your baseball collectible cards. This signature enable this NFT unable to be exchanged to another. And as the owner of the unique NFT you have a bragging right on the NFT. This is because you own the original content and this is what collectors value most, they value bragging right almost more than the item itself.
Image by Logan Paul was sold for $17,000
Does that make sense to you now?
Below are some NFTs and the amount they were bought.
*Lotus Train was sold for $14,000
*This image of a cat was sold for $170k
