Below I will explain how the NFTs on altcoin platforms work on a technical level and I will explain why they probably wont even exist in 10 years. I will also explain why some of these NFTs are selling for such high prices.
Many of those NFTs that were sold for crazy high prices were not actually sold to other people. The person who bought those expensive NFTs is often the same person who minted the NFT in the first place. I will explain how whales can easily own very expensive rare NFTs for very little cost. They can just mint an NFT and sell it to them self for $500,000 worth of etһ. They will only lose the small percentage that the NFT marketplace takes and now they own a super rare NFT worth $500k and they will still have most of their etһ because they sold the NFT to them self. And there is a small chance that they might be able to to sell that worthless NFT to some fool who believes that it is actually valuable. Doing this also entices more newbies to mint NFTs in the hopes of getting rich.
A digital collage called “Everydays — The First Five Thousand Days” by the artist Beeple sold for almost $70 million by Christie’s in an online auction Thursday.
A JPG file made by a digital artist known as Beeple sold Thursday for almost $70 million by Christie’s auction house. That price set a new record for the increasingly popular market for digital-only art — and makes Beeple’s piece the third most-expensive work sold by a living artist at auction, according to a statement by Christie’s.
The artwork, a digital collage called “Everydays — The First Five Thousand Days,” is what’s known as an NFT, or nonfungible token. NFTs signal ownership and authenticityof digital works of art by recording the sale through blockchain technology.
Blockchains record cryptocurrency transactions; the records can be shared but not duplicated.