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The video follows the cat as it flies through space, leaving a rainbow trail. The sequence is set to Japanese pop music and currently has over million views on YouTube. For the sale, Torres remastered the Nyan Cat through minor touch-ups, including removing a star from the animated sequence, according to The Verge.
Torres is also in the process of selling another NFT on the site, this one depicts dogecoin — a meme cryptocurrency that took off in January. Nyan Cat is not the first crypto art to sell for a large sum of money. Investors have gambled on digital products like Nyan Cat in the past. In , 1. Insider logo The word "Insider". Close icon Two crossed lines that form an 'X'.
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The independent news organization of Duke University. Accidentally deleting your beloved NFT is easy. Nowhere is this clearer than in Nigeria, where the central bank is so worried about Nigerians choosing cryptocurrencies over the naira for overseas remittance payments that it is now paying them to use official channels for those transfers instead. It is very similar to the way some of your friends may collect Pokemon cards, sneakers, or comics. With crypto, any idea can be monetized directly.
Twitter icon A stylized bird with an open mouth, tweeting. Twitter LinkedIn icon The word "in". This means you can use NFTs to tokenize just about anything digital. It can be a drawing, audio, an article, a video, and so on. By selling an NFT, you are selling the original rights.
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Popular musicians like Grimes have also cashed in on the craze, making millions off of music and digital art. However, let's all take a deep breath. It is easy to get caught up in the hype surrounding NFTs. There is much more to Non-Fungible Tokens than the selling of digital assets and art. Here is what you need to know. So, what is an NFT? Understanding the difference between non-fungible and fungible assets will be the key to wrapping your head around the appeal of NFTs.
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In economics, a fungible asset is something with units that can be readily interchanged. This can include money. The value of your money is still the same even though it is in a "different form.
If something is non-fungible, this is impossible. Each NFT is unique and cannot be exchanged with something else. Think of it as a digital signature or official certificate of ownership. Let's look at an example. Say you created a magnificent digital memeable painting. Once completed, you could create a "digital certificate of ownership" or smart contract using bits of open source code to secure your creation. Once the code is written, it is then "minted" or permanently published on a blockchain ledger.
Existing as just a series of numbers and letters, your new NFT is encrypted here on the blockchain, ensuring its scarcity and authenticity. Sure, people can copy and download your digital painting, but you have the original deed to the artwork. You could sell the original NFT piece, and thanks to the power of blockchain, the aftermarket buyers can confirm who originally owns the digital asset, who sold it, and when it was sold.
Taking the art example further, you may own a Picasso poster.
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However, it does not mean that you have the original painting with Piccaso's signature on the bottom right corner. The signed painting is far more valuable.
But, again, it does not just have to be art. Any digital asset that the creators want to make unique can become an NFT. Tweets from celebrities, digital books, photos from games, logos, memes, and gifs can all be tokenized. In fact, t hey first achieved prominence through the blockchain-based CryptoKitties game, where players collect and breed unique digital cats.
It is actually not too hard to understand if you are already familiar with cryptocurrencies. As mentioned, once a digital asset is "minted" with a few lines of code, it is published on a blockchain ledger maintained by thousands of computers around the world. Who verifies that the NFT is legit? The short answer, no one, and everyone.
Once on the ledger, you can see who owns the digital asset and when it is sold. An NFT code has a signature from its originator that authenticates the token on any server, browser, or platform.
This information is unhackable until they are not , cannot be forged, and is safe. But if you are looking to get into the buying and selling of NFTs, marketplaces are the place to go. People can place bids on these assets or outright buy them. Because of the non-fungible nature of these assets, digital creators on the internet can make the creations more scarce, and in turn, more valuable. People are eager to own a one-of-a-kind digital art piece.
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Sure, someone can copy and download a piece of art, but nothing is better than the original. NFTs can be a sentimental purchase, a collectible item, or a financial investment. It is very similar to the way some of your friends may collect Pokemon cards, sneakers, or comics.
The excitement of new technology has fueled the headlines and mind-boggling purchases. Though people are making bank off a wide range of digital assets right now, most people are bearish on NFTs. The potential for fraud, foul play, and a range of other uncertainties have people extremely wary of NFTs. People championing the assets are excited about the technology behind the tokens, dubbing it revolutionary and here to stay.
Who's right?
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Much of the hype around NFTs centers around the creation of a digital certificate of ownership for unique pieces of art and other assets. However, there are other more sober reasons why you should be excited about NFTs. Once you purchase a token, you have the digital rights to resell, distribute or license the digital asset as you please. But, there is a caveat. The owner of the token programs the limitations into the NFTs code.