Madness has seized the NFT market
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The virtual token market, based largely on speculation, attracts investors, tempting with the possibility of quick and easy profit. A few days ago, one of the most popular NFT services sold a virtual stone for – a trifle – $1.3 million. Stone collection creator "EtherRocks" commented on the transaction saying that the only purpose of his creations is to "give the owner the pride of owning one of the hundred NFT stones worldwide."
The expansion of the NFT abbreviation is a non-fungible token, i.e. a non-exchangeable token. This term is used to define virtual cryptographic assets that are traded using blockchain technology. The NFT market is similar to the cryptocurrency market, but it is distinguished by its "non-convertibility", which means that each token is unique and therefore one of a kind. One of the most expensive virtual assets in recent months was Jack Dorsey's first tweet and a painting by Mike Winkelmann, aka Beeple.
Many assets, such as art, music, virtual real estate, videos, and real-world items, can be displayed in the form of NFT. Creating a token starts with choosing a blockchain service. Ethereum is the most popular choice. However, there are many other lesser-known sites, such as Tron.
Perhaps the most important step for the NFT market, which turned it from a niche hobby into an international phenomenon, was the emergence of CryptoKitties – virtual kitties, each one different and unique, with their own internet DNA.
