Just when people are starting to grasp the world of crypto-currencies, another bizarre world called Non-Fungible Tokens (NFTs) have made their way into the news cycle and has garnered considerable amounts of capital. Essentially, NFTs uses the same underlying blockchain technology that crypto-currencies operate on. What does NFT stand for? A fungible commodity is something that can be replaced by an identical item. For example, fiat money or cash is fungible as a Rs 100 currency can be easily replaced by another without losing value. Whereas a non-fungible item is something that is unique and does not have a substitute. For example, one-of-a-kind artwork or a collector's item. An NFT is a digital token that fulfills these properties. In February alone, NFT sales grew by 400 percent from the previous month. Many brands have jumped on the NFT bandwagon and are offering limited edition products. Why have NFTs become all the rage? NFTs have been around since 2015, but have recently shot to popularity thanks to their endorsement by Jack Dorsey CEO of Twitter Inc and Tesla Inc's Elon Musk. Both the senior tech executives are also ardent supporters of Bitcoin and the wider crypto-universe. Two weeks ago, Jack Dorsey put out an NFT representing his first tweet “just setting up my twttr.” It sold for $2.9 million. Later on March 11, Mike Winkelmann, the digital artist known as Beeple, sold an NFT of his digital art piece titled Everydays: The First 5000 Days. It fetched $69 million at an auction held…
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