Are You Searching for NFT? Find Here All The Details About NFT

NFT

NFT or Non-Fungible Token is known as a unique digital identifier that can-not be copied, substituted, or subdivided. It is recorded in a blockchain and used to certify authenticity and ownership.

It can represent the real-world objects like art, music, in-game items or videos, and bought or sold online, frequently with digital assets.

The famous digital artist, Mike Winklemann aka “Beeple,” crafted a composite of 5,000 daily drawings to create the famous NFT of the moment, ‘EVERYDAYS: The First 5000 Days,” that was sold at Christie’s for $69.3 Million.

As per its name suggests, it is non-fungible, while the physical money or cryptocurrencies are fungible which can be traded or exchanged.

The NFT is created or minted from digital objects that represent both tangible and intangible items, including Art, GIFs, Videos or Sports Highlights, Collectibles, Virtual Avatars, Designer Sneaker, or Music.

In March 2022, the tweet of Jack Dorsey, was sold for over $2.9 Million in which he said “Just setting up my twttr,” that was first posted by Dorsey on March 21, 2006.

The common usage of NFTs is that the artists can sell their art to the consumer as an NFT and earn more of the profits.

Blue Chip NFT

Now, turning towards the Blue Chip NFT, as in traditional finance, a blue chip is a nationally recognized, well-established, and financially sound company, and are known to weather downturns and operate profitably in the face of adverse economic conditions.

If we talk about the blue-chip stocks then it is considered that they are quite safe investments with a proven track record of its previous performances and stable growth. Even so, blue chips are reliably stable, and unlikely to generate the same high returns as potentially riskier investments. It is also true of blue chip NFTs, regular to the average NFT.

Blue chip NFTs are basically the kind of projects that are expected to be stable in terms of value and profitable in the long term. It has several characteristics in common – a relatively high floor price, brand power, celebrity endorsements, commitment of the project team, and real-world utility.

The Blue chip NFTs include Bored Ape Yacht Club, Mutant Ape Yacht Club, Crypto Punks, and ENS: Ethereum Name Service.

According to the data sourced from CryposSlam, this year in October, the global NFT market recorded more than $333 Million in sales, while DappRadar tracked Blue Chip NFTs along with the NFT and decentralized application economy.

It can be noted that the Blue Chip NFTs come and go like stocks. On the other hand, lead performers like Bored Ape Yacht Club recorded plumb in its value in the beginning of this year.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing