NFT - Non Fungible Tocken
The first tweet has been sold for 2.9 million dollars by Jack, CEO of twitter. This is bizarre and raise a question as to how can a tweet be sold. Anybody can copy the tweet and retweet it without paying a single penny. And again, why would someone want to have the tweet after all paying such a huge sum of money and how can he keep it as a collectible.
We know that often an art or painting can have a very huge money value and the original painting can be bought and sold and auctioned. Billionnaires and those who have deep craze would often go for it and eventually the painting or art carry unbearable value. The originals cannot be copied and the forged products would have no value unless there's been a fraud which always necessities authentication.
But how come painting in electronic platforms and tweets can be traded as collectibles and how is it been assessed for its authenticity and uniqueness. Here comes the block chain technology and the NFT concept. The idea is similar to that of crypto currency and these tocken have came along with ethereum, one of the popular crypto currency. NFTs are unique codes that are minted to digital goods and gets recorded in a ledger like in the case of crypto currency, which will authenticate those goods' originality, which in turn can be traded. It's like the signature code on artworks, which can't be copied and gives originality and value and people with knowledge can identify the fake works. Every digital works like music, videos, cartoons and even tweets can be minted with these signature codes and traded digitally. The idea is so vast, that there can be digital land, that can be used to display the artworks like in a museum. This technology is gaining popularity where artists, musicians and industries that are affected intensely by the pandemic is now trying this new platform and selling there original creativity online, using crypto currencies and earning more than what they did before. Not everyone has knowledge of NFT and it's ability to give authenticity and makes the artworks in digital form tradable. And indeed it's going to be a new era of art gallery and it's display.