What are NFTs? Why are NFTs worth so much?

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Non-Fungible Tokens or NFTs are digital cryptographic assets that are based on blockchain technology. These cryptographic assets can be anything such as avatars, anime characters, digital art, virtual fashion, sports cards, etc. They are traded through cryptocurrency on various NFT marketplace. The value of the NFT is set by the creator or the owner and it is sold to the highest bidder.

NFTs are unique digital arts because they are encrypted with unique codes and metadata that make them safe and secure. They are encoded with similar underlying technology like cryptocurrency and eliminate the risk of fraud at the time of the transaction. NFT tokens cannot be exchanged or replicated. All the NFTs are unique and hence the supply is also limited. These tokens are based on the Ethereum blockchain technology, nonetheless, other blockchains also support NFTs.

Why are NFTs worth so much?

The non-fungible factor makes NFTs worth the money. Non-fungible tokens mean noninterchanged tokens with other items. The item solely belongs to the buyer or the creator. Unlike cryptocurrencies like Bitcoin and Ethereum, the tokens are not fractionalized further. This is why people bid so much money on NFTs.

Digital artists, celebrities, tech giants, and other popular personalities are stepping up into this game. Popular digital artist Mike Beeple Winkelmann’s digital art EVERYDAYS: The First 5000 Days was sold for $69 million as NFT.

NFT collections you can invest If you are planning to try your luck in NFT, you can purchase Krazy Kong NFTs. Krazy Kong is still in the early stage and soon we are going to drop new NFT collections. Through our NFT projects, we aim to raise environmental and social issues like animal rights, deforestation, inequality, and conflict between humans and animals.