What Is An NFT? Garry Sandhu Becomes The First Punjabi Artist To Buy An NFT

Garry Sandhu has become the first ever Punjabi artist to be a part of an NFT society. He shared the news over his social media. He has become a part of the ‘Billionaire Bear Society’. While the whole world is going mad for NFTs, including world renowned athletes, rappers, actors, popstars etc, it is the first instance that we have heard the term from a Punjabi artist. So what is it?

NFT stands for Non-Fungible Token. It is a non-interchangeable unit of data stored in a blockchain. Blockchain, in the simplest words, is a growing list of records, linked together using cryptography and a  system of recording information in such a way that it becomes impossible to hack. 

ALSO READ | What Is Metaverse? A Women Allegedly Gang-Raped By Virtual Avtars In Metaverse

In the simplest terms, NFTs are digital assets that a person can buy, sell or trade digitally. Though it is built using similar programming as cryptocurrency (Bitcoin, Ethereum etc.), it is different from them. Each token is uniquely identifiable, which makes it different from cryptocurrency.

An NFT can be anything, picture, music, art, graphic design, a 3D model, game collectibles, digital blocks, digital property etc. but digital art has been taking over the NFT world. The idea of NFT is based upon connecting the term ‘ownership’ to digital art. Suppose you make a painting, you can own the legal rights to it and can sell it at your desired price, provided the customer agrees to buy it. NFT is simply the same process, the only difference is that it occurs digitally and not in the real world.

https://www.instagram.com/p/CaAP-3iLZOY/?utm_medium=copy_link

Prominent global figures like Neymar, Shawn Mendes, Eminem, Snoop Dogg, Justin Beiber, Steph Curry, Lionel Messi and many more have joined the NFT societies and it is taking over the world like a storm.

Share on: