In a first, two paintings by Raja Ravi Varma have been auctioned as NFTs (non-fungible tokens; essentially).
- Coquette, and Reclining Nair Lady — sold for $74,999 and $63,999 respectively, in an online auction held from February 17 to 20 by RtistiQ, a physical and digital art marketplace.
What are non-fungible tokens (NFTs)?
- An NFT is a digital asset that represents real-world objects like art, music, in-game items and videos. They are traded online, frequently with cryptocurrency, and they are generally encoded with the same underlying software as many cryptos.
- To list a real world object on NFT on a marketplace, a person has to pay something called a gas fee (transaction fee) for using the Blockchain. This digital art is then recorded on Blockchain, which gives the owner full ownership—which cannot be edited or modified by anyone, including the marketplace owner.
- NFTs can have only one owner at a time.
Differences between NFT and Cryptocurrency?
- NFTs and cryptocurrencies are very different from each other. While both are built on Blockchain, that is where the similarity ends.
- Cryptocurrency is a currency and is fungible, meaning that it is interchangeable. But NFTs are non-fungible, that means the value of one NFT is not equal to another. Every art is different from other, making it non fungible, and unique.
(Source: TH and IE)
GS TIMES UPSC PRELIMS & MAINS CURRENT AFFAIRS BASED BASICS DAILY ONLINE TEST CLICK HERE
CLICK HERE DAILY CURRENT AFFAIRS QUIZ FOR STATE CIVIL SERVICES
