The rainbow animated NFT product named Nyan Cat was sold for 300 Ether, which is close to 600 thousand dollars. There is a new frenzy in the cryptocurrency world.
Numerous farming projects on the Binance blockchain, especially Pancake Swap, have been on the agenda recently. However, the NFT craze, which will quietly start a new trend, started to show itself.
What is NFT?
The NFT statement, which has recently become popular in the crypto world, defines non-fungible tokens, cryptocurrencies that have a unique sign and cannot be changed. In other words, it is not possible to trade like Bitcoin or Ethereum and it is unique to the producer within the framework of the determined rules. We can compare them to a kind of work.
We generally see the NFT units as pictures. Images of physical objects transferred from the real world to the crypto world or works created by people’s own efforts are within the scope of NFT. It is possible to see many NFT cards in games.
The fact that unique and specific rules can be applied to the block has created a market for NFT products. You can sell NFT products that you can create very easily in the relevant market areas.
To date, more than $ 200 million has been sold in NFT markets and nearly 6 million products have been sold. This week, the rainbow animated NFT product named Nyan Cat was sold for 300 Ether, which is close to 600 thousand dollars.
Nyan Cat was originally designed as an animation by Chris Torres in 2011 and uploaded to YouTube. Torres reworked it this year, making it a high quality NFT.
The question of why NFT products can be so expensive cannot find the answer. Determining usage by being uniquely stored indefinitely and enforcing any copyright are important factors, but it is curious that it is as expensive as a work of art.