April 7, 2022 Dev

NFT Facts You Need To Know | All About NFTs, Blockchain & Crypto

NFT (nonfungible token), the tech hype, is reaching the peak of popularity in the blockchain industry. By now, you might be bombarded with all the technical terms, explanations, and definitions to understand NFT. To unburden your soul, we have gathered some outlandish, astonishing, and lighthearted facts about NFTs in 2022.  So, fasten up your seat belts, and let us fly you to the sphere of Metaverse!

 

Here are some of the intriguing NFT facts every crypto fanatic must know:

The World’s Most Expensive NFT Meme Earned Above $4 Million.

Memes hit our noggins harder than smoking a pod. We burst into laughter just at a glance of any comical image, aka meme. Yeah, we know! The level of released dopamine in our brain depends on the sender of the meme (no matter how funny the art is).

Meme makers can no longer be associated with the classification of jokesters, but with the category of millionaires, credit goes to NFTs.

The first record-breaking meme NFT was “Disaster Girl,” with a worth of $570,000. How cray, oh bae! Now, the Doge meme secures the first rank with a value of $570,000. 

It’s incredible how technology can turn the tables and label a meme with a hefty price tag. However, in this case, the real hero is neither a meme maker nor NFT tech but the gorgeous Kabosu (dog modeled in the meme).

The story is never-ending; American internet star cat ‘Grumpy Cat’ earned $100,860 in an auction on the NFT marketplace, while Nyan Cat GIF made $561,000 as an NFT, and many more are down the line.

We Need More Electrical Power To Play Around NFT

Minting one NFT emits 211 kg of CO2 and uses 340 kWh (energy)! The power is comparable to energy consumption by an active household for a month. To be more precise, imagine the energy utilized by an airplane in flying you from London to Rome and coming back to London. Or driving a vehicle for 1000km. 

 

340 kWh of electricity is utilized to keep track of the owner exclusive to the energy consumed to create digital work, its depository, or its hosting website.

Indeed, NFT is a blessing in disguise as it benefits humans but damages their homes. We (as intellectuals) are in charge of bringing an evolutionary approach, and hopefully, the enhancement is unanticipated to be witnessed soon.  

NFTs Are Apart Of The Ethereum Blockchain

Ethereum and its aboriginal cryptocurrency Ether is the primary broadcaster of NFT. Ethereum is known for establishing digital currency ownerships through proof of stake methods. The crypto-based platform also supports NFTs by hosting the tokens and aiding their sales through various online auctions.

Blockchain gained popularity due to the provided peculiarity of maximized security and safety. Ethereum is one of the highly used blockchain platforms giving NFTs the opportunity of leaving a positive impact on customers. With Ethereum, safe and secure transactions occur without risk of fraud or third-party invasion. 

Anything Digital Can Become An NFT

NFT is not limited to only digital art but anything having a digital presence, including songs, videos, even tweets and domain names, gaming avatars, and much more. To transform the asset into NFT, users need to link their creation to the smart contract, which establishes ownership proof. 

Build Your Dream Home (NFT) In The Dream World (Metaverse)

Acquiring property in this menacing environment is a threat. So, how to enjoy the profits of the Real Estate business? Metaverse is the ultimate answer, with unlimited virtual lands to buy and sell. NFT space comprises indefinite virtual lands in its vast market to aid Estate aficionados in making profits worth millions of dollars by investing and acquiring capital. So, get ready to construct the home of your dreams in the Metaverse, buy and build lands, make money and relish the exhilaration. 

 

 Last Word

NFT, Blockchain, and Cryptocurrency are the terms we mostly come across on the internet. As the most famous social media platform, Facebook is now introducing Metaverse; digitalization evolves to be more complex and challenging to understand. Some interesting and intriguing facts are accumulated in this blog to lighten up things. Learn about blockchain and be a part of the crypto world. Take your brand to new elevations with the implementation of blockchain software development. Metaverse is the future! 

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