WHAT IS NFT FURNITURE?
Were you part of the people who were astonished when Jack Dorsey, the founder of Twitter, put an autographed tweet for sale as an NFT?
Like other digital assets and cryptocurrencies dominating the digital space and the cryptocurrency market, NFT has become a worthy digital asset. Your favorite actors, artists, even organizations would attest to that. They are all jumping on this new trend called NFT.
A digital analytics firm, DappRadar, confirms this in their reports that NFT rose to a brilliant sum of 2.5 billion within twelve months. This considerable rise has led several people from all walks of life to invest in it.
What is NFT?
NFT is known as a non-fungible token (NFT) which is a blockchain-based innovation and unique identifier, which cryptographically appoints and verifies ownership of digital assets. It is prevalent amongst people who deal in the cryptocurrency market. Recently, it has gained a broad populace amongst celebrities and corporations like CNN.
NFT functions as a new technology linking ownership to digital or physical items such as real estate, art, furniture, videos, or music.
Non-Fungible tokens are capable of being sold and bought online. Also, they are a representation of digital proof regarding actual ownership of a particular item.
To understand what NFT means, fungibility needs to be defined.
Fungibility is the ability of an asset to be interchanged or substituted with similar investments of the same value. NFT is a part of the economic concept of fungibility, which is espoused below.
The concept of fungibility consists of fungible and non-fungible items. Fungible items are unique items that can be traded without issues because they are not affixed to their uniqueness.
A classic example is that one can exchange a particular amount of money for that same amount of money; the same applies to cryptocurrency; one can engage in cryptocurrency exchange using different services like Paybis, Binance, etc. On these sites, anyone can buy USDT or any other cryptocurrency in one click. The only difference is that the exchanged cash has a different serial number or different form. However, non-fungible items are not exchangeable because each token possesses unique properties, and its worth is different from other tokens. They are special items.
How do NFTs work?
NFT is part of the Ethereum blockchain. Ethereum is simply like other cryptocurrencies such as Bitcoin, Litecoin, Dogecoin, etc., but its blockchain secures NFTs and helps it store more information on it. This makes NFTs distinctive from cryptocurrencies such as Bitcoin and Eth coin.
What makes NFT really interesting is that a particular item could be sold worldwide, but the original piece has a unique ownership quality. Think of how amazing your DNA is. It is the unique DNA in the whole world; that is how non-fungible items are.
HOW NFT IS APPLIED TO FURNITURE.
What exactly is NFT Furniture?
Think of digital furniture that is unique and secured with blockchains and a digital certificate of authenticity. Think of you owning unique and original NFT furniture worth a tremendous amount of money.
The positive impact of NFT on furniture is witnessed in the classical auction by Nifti Gateway, which was tagged “The Shipping.”
The auction showcased the exhibition and sale of ten virtual pieces of furniture of Andres Reisinger.
The virtual furniture was sold as non-fungible tokens, which made Andres realize $450,000 in ten minutes.
Before the online market auction on Nifty Gateway, Andre’s virtual furniture did not gather as much popularity, or sales. After he sold the furniture, they remained available for resale on NiftiGateway for $4.5.
You may wonder why you would buy digital furniture for such a high price; however, there are several opportunities to be taken advantage of.
NFT furniture can be made into physical collectibles too.
You can also be smart like the buyers of Andres’ virtual NFT furniture and resell for a higher price.
Someone like Pablo Rodriguez, a Miami-based collector, was brilliant enough to have bought a ten-second video clip last year at the price of $67,000. This year, he sold the video clip as an NFT for $6 million.
You could also maximize this gem by uploading your digital furniture on websites that allow them.
Think of your virtual furniture exhibited in a virtual museum. The opportunities are endless.
Your NFT furniture could even be made into physical pieces and sold all around the world.
There is a whole world of users who use the digital network, which makes NFT furniture a ready market. All you have to do is plunge in to make a lot of money.
The non-fungible token is extending its branches to different industries globally and is showing promises of positive impact. Its authenticity certificate and uniqueness make it a top-tier investment and digital asset to procure. Although critics are suspicious about the NFT, its positive impact in different industries, especially art, keeps increasing.