Started by ayonodrama, Dec 04, 2022, 04:46 AM

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ayonodramaTopic starter

How strong is NFT that people are willing to spend that kind of money?
Just 1 fact. The domain was bought for $2 millions.


NFT literally means "non-fungible tokens". This is a type of tokens where each instance is unique, it cannot be replaced or exchanged for another token. Although initially tokens were created as interchangeable assets. NFTs indicate the right to own unique assets, such as works of art, but this is only an entry in the virtual registry, which in itself does not give any rights.

NFT (NFT) appeared in 2017: the technology was created on the Ethereum blockchain, based on smart contracts (an algorithm for generating and managing information about the ownership of something) of the eponymous cryptocurrency.

To date, the most popular blockchain for creating NFT is Ethereum: 90% of the available non-interchangeable tokens are sold through it, says Roman Nekrasov, co-founder of the ENCRY Foundation.

But non-interchangeable tokens can also be created on other blockchains that act as an alternative to Ethereum. These include Binance Smart Chain, Cardano, Solana, Tezos.

NFT domains are a type of domains that do not depend on anyone (except the owner). Here the page address is created on the basis of the blockchain and is linked to the NFT certificate, that is, the domain is assigned a cryptographic address, like any token. Therefore, such a domain is one and only.

Thanks to blockchain technology, domain owners can not worry about their security and leakage of personal data. The NET domain allows you to control the data about the owner and the domain yourself, and not transfer them to a third party, for example, hosting companies.

An additional advantage of such domain names is that you do not have to pay for hosting regularly. The domain is located in a decentralized Internet system, and the purchase of such an address is a oneā€”time purchase with 100% ownership rights.
On average, the purchase of an NFT domain name costs $40. No one can take away your site, or scammers will have to try very hard.