Cryptocurrency and NFTs

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Can you imagine or even thought that a single tweet comprising of few words can be sold for millions of dollars?

I am sure that you might be thinking that what rubbish I am asking, how a single tweet can be sold for millions or leave about millions how a tweet can be sold? Well, this was my exact reaction and the exact question which came to my mind when I first read about this. In fact, let me add further to this list of weird arts which are being sold and purchased for millions. This list includes a small clip by a famous musician Grimes, Artist Beeple’s work Crossroad, which features a former US President lying face down in a field, Clips of match highlights by the National Basketball Association, and more.

Now, what these weird arts are called, or in which category do these fall?

You might have heard about cryptocurrency and if not then cryptocurrency is nothing but a type of digital currency. So just like we have physical currencies like coins and rupees, cryptocurrency is a digital currency with no physical existence. For example, the very famous Bitcoin, Dogecoin, Tron, Ethereum, Ripple, Matic, and others. And now coming to the main point, these weird arts are called NFTs or Non-Fungible Tokens. These NFTs can be anything from the very first tweet by Twitter CEO Jack Dorsey simply saying “just setting up my twttr” to match highlights by NBA. Also, NFTs are usually sold and purchased using crypto assets such as Ether.

NFTs might seem confusing and interesting at the same time. So digging more into this, in a simpler way it can be understood as transferring the copyright from the original artist to someone else in exchange for millions of dollars unless and until the original artist decides to do so.

Let’s have a look at the price these arts are being sold.

Very first tweet by Twitter CEO Jack Dorsey from 2006 for $2.9 million (around 21.28 crore)

50-second clip released by musician Grimes for $400k (around 2.93 crores)

Artist Beeple’s work Crossroad for $6.6 million (around 48.44 crores)

NBA has made $230 million selling NFTs of match highlights.

Amazing isn’t it?

In India too a Chennai-based digital artist Siraj Hassan has sold many of his 3D and animation pieces. Amrit Pal Singh also sold his NFTs of celebrities in exchange for 22 Ether.

So this is the craze of NFTs and cryptocurrency not only in India but worldwide.






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