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What Is NFT?

fashiontech_nft_fashion_what_is_nft
By
13 April 2023

NFT means Non-Fungible Tokens as digital assets which are bought & sold online with cryptocurrency mostly on NFT marketplaces. NFT is a blockchain technology and NFT notion is becoming popular way to buy and sell digital artwork since from 2014. And NFT continues it’s growth with Metaverse including Opeansea, Decentraland, Sandbox, Roblox and many other platforms. Augmented Fashion Company 9poly is also a NFT Creator and Metaverse company in Fashion! But we create or mint Interactive NFT’s with webAR! So if we can identify 9poly Fashion as a “Interactive NFT minted company” in Metaverse language ☺

NFT is a digital asset that represents real-world objects like fashion, music, art, in-app purchasing as in-game items and videos. NFT’s are generally encoded with the same underlying software as many cryptos. NFTs have unique identifying codes and also generally one of a kind, or at least one of a very limited run.

An NFT is created, or “minted” for digital assets some of them below:

  • Music
  • Art
  • Paintwork
  • Designers and Fashion NFT
  • Virtual avatars and video game skins
  • Grafic art
  • GIFs
  • Videos and sports highlights
  • Collectibles
  • Tweets! Yes! Jack Dorsey, Twitter co-founder sold his first ever tweet as an NFT for more than $2.9 million.
  • Focusing on crazy NFT spendings! $6.6 million for a video by a very famous artist Beeple. Or $390,000 for a 50-second video by Grimes.

You can watch 15 Most Expensive NFTs Sold So Far video from below:

How Does NFT Work?

First NFT must be created, it’s called NFT minting. NFTs are part of the Ethereum blockchain. All the cryptocurrencies are a part of a blockchain and it’s visa versa, all the blockchains are a part of cryptocurrencies. Ethereum is like a bitcoin, so this means a cryptocurrency, but Etherium blockchain also keeps track of who’s holding and trading NFTs.

NFT Market Cap & NFT Market Size

NFT market size is $41 billion in 2021 and according to the researches with estimations; NFT market cap will be $80 billion in 2025. If we would like focus on how many NFT’s are sold per day; reports and datas indicates that thousands of NFTs are currently being purchased and sold every day. Around 15,000 to 50,000 sales happen each week. (Data collected and shared by NonFungible.com) Most of the NFT transactions completed via Opensea platform by connecting MetaMask account in globally and this supports the Metaverse transactions. Very popular NFT’s are Bored Ape, Yacht Club, Snoop Dogg Metaverse and much more…

Top NFT Countries in the World

Top NFT Countries in the World (2022) are; The Philippines are leading the table with the 32% Own at Least One NFT criteria. Thailand comes second with the 26.6% Own at Least One NFT ratio. Malaysia is taking the 3rd the 23.9 % Own at Least One NFT ratio. UAE is the 4th with 23.4% Own at Least One NFT ratio. And Vietnam comes 5th with 17.4% Own at Least One NFT ratio.

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