To prove that an object or anything, in general, is for us, we put a label on it that it belongs to so and so. This is just like the NFT world.
You must know that NFT ownership registration is just like a stamp or label put on a digital work or anything, and it is written on who owns this right of ownership.
NFTs are unique tokens that are not exchangeable. Suppose you borrow a bicycle from someone. After some time, you cannot return another bike to that person, and you have to return the same bike that you got back to that person! But if you borrowed money, you can return any other paper money with the same value. You don’t have to return precisely the paper money you borrowed. NFTs are irreplaceable in the same way that the document and the right of ownership of anything are registered.
Registration of an NFT is done in the blockchain. Blockchain is the safe storage of data that records information in blocks.
Well, now that we have summarized the concept of NFT, let’s take a look at the history of NFT’s popularity, where it started, and why it has become so popular and famous.
In 2012, the first colored coins on the Bitcoin blockchain were sold for one satoshi. It was in 2014 that Counterparty created the first platform where users could buy and sell their digital devices. Later in 2017, Cryptopunk created 10,000 unique characters on the Ethereum blockchain. After that, NFTs became more popular and famous every day. Million-dollar sales of NFTs attracted the attention of investors and customers, and sellers of digital artworks turned to NFTs. Also, game users converted their digital devices to NFT. The ability to register the right of ownership and exclusivity of an NFT made more people use it every day.
At first, NFT was mainly used for digital artworks and then in games, and until today, businesses, brands, and even celebrities have their own NFT. The NFT market has allocated billions of dollars of capital. It is expected that the NFT market will reach 200 billion dollars by 2030, which means it can experience a 13-fold growth. For example, a Bored Ape Yacht Club NFT has been bought for 80 million dollars. Bored Hamster NFTs are also similar to this project.
Below are some Bored Hamster NFTs from the Bored Hamster Club.
These specified codes show which wallet owns this NFT, and you can check the authenticity of an NFT in this way when buying an NFT.