Blockchain is a system used to make a digital record of all the occasions a cryptocurrency (a digital currency such as bitcoin) is bought or sold. There are certain requirements for adding data – once it has been saved, it is almost impossible to somehow modify or remove it. Notably, there is no centralised organisation that verifies this process. Data is added over time in structures called blocks. Each block is layered on the previous one and includes data linked to the latter.
The NFT contributes to protection of the artists' rights and getting them a share of the sales once their NFT work has been sold.
Bored Ape Yacht Club (BAYC), a collection of 10,000 unique ape NFTs, was launched in April 2021 and quickly sold out. By buying a BAYC token, one becomes a member of the private club and gets exclusive benefits.
Ethereum price history over 5 years, 2018 – 2022:
Regarding games, the NFT offers gamers to convert their in-game earnings into cash. If you're a gamer with a passion for investing, it is a perfect way to combine your two interests.
Axie Infinity is one of the best NFT games with 2.8 million active players per day based on the “play to earn” or “P2E” model. Users can breed their Axie creatures, trade them, create teams and battle other players. Each Axie is a unique Non-Fungible Token.
Facts you need to know about the NFT: