OPEN APP
Home / Brand Stories / The Who? What? Where? When? of NFTs - Ethereum, Quitriam Finance and Binance
BRAND POST
Listen to this article

The acronym NFT stands for a non-fungible token, which means that it is one of a kind and cannot be edited or replaced. NFTs are exciting because they’re considered the digital answer to collectibles, with some people paying millions for them. This has created a new crypto audience, encouraging huge sales for digital artists

 

New, presale coin Quitriam Finance (QTM) focuses on the ability to ‘forge’ and ‘mint’ NFTs on their platform. But why is this attractive? And what actually is an NFT? 

Who?

NFTs are exciting for digital artists who have a new platform to promote and sell their work. Famous names to look out for include Pak (whose piece ‘The Merge’ sold for $91.8 million), Beeple (also known as Mike Winkelmann, whose NFT ‘The First 5000 Days’ sold for $69 million), and Larva Lab (he made nine Alien punks who make up the CryptoPunk series, the most successful of which sold for $23.58 million). 

 

 

 

There’s huge money to be made in the NFT market. It has been recently popularised by Madonna, who made three NFTs using a 3D scan of her vagina giving birth to butterflies, a tree, and mechanical insects. The artwork sold for $627,000, and the total was split between three charities, demonstrating the positive impact that this wealth can make. 

 

Collectors who enjoy having unique, one-of-a-kind pieces can engage in this crypto space to collect their favourite tokens. Ethereum (ETH) is the most well-known public ledger that distributes non-fungible tokens. Therefore, using the Ethereum blockchain, collectors can purchase and receive the valuable NFTs created by famous digital artists. 

What? 

You might be asking, but what are they used for? The most common use of NFTs today is in digital content, for example, coins like Decentraland and Axie Infinity are based in a digital cryptoverse and use NFTs. 

 

As the value of NFTs is set by the market demand, they can be bought and sold just like physical art at auctions. However, unlike traditional valuable art auctions, they are easily validated and verified because of their unique data. 

Where? 

Buying and selling NFTs takes place on the digital marketplace, an example of which is Binance. Binance is built on Ethereum’s blockchain and uses ERC20 tokens to hold and store value. ‘Tokenising’ or ‘minting’ is the name for when someone puts their NFT on a blockchain. Blockchains are digital ledgers that save records of transactions in a safe and secure way and sites like Binance facilitate this trade. This means that no one can falsely claim ownership of the NFT because the data is so securely recorded. 

When? 

Quitriam Finance (QTM) is a presale coin that allows its users to ‘forge’ and ‘mine’ NFTs, making them ideal for anyone who wants to start NFT investments now. It’s advantageous to invest in this coin at this stage because it’s still in its presale stage. This means that it’s more accessible for investors to join and more likely to generate profit. Once Quitriam Finance (QTM) has launched its value could skyrocket, making presale the best time to invest. 

 

Learn more about Quitriam Finance:

Website: https://quitriam.io/

Presale: http://presale.quitriam.io/

 

Disclaimer: This article is a paid publication and does not have journalistic/ editorial involvement of Hindustan Times. Hindustan Times does not endorse/ subscribe to the contents of the article/advertisement and/or views expressed herein.

The reader is further advised that Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions.

Hindustan Times shall not in any manner, be responsible and/or liable in any manner whatsoever for all that is stated in the article and/or also with regard to the views, opinions, announcements, declarations, affirmations etc., stated/featured in same. The decision to read hereinafter is purely a matter of choice and shall be construed as an express undertaking/guarantee in favour of Hindustan Times of being absolved from any/ all potential legal action, or enforceable claims. The content may be for information and awareness purposes and does not constitute a financial advice.

 

 

 

 

Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.
Close
Recommended For You
×
Edit Profile
Get alerts on WhatsApp
Set Preferences My ReadsFeedbackRedeem a Gift CardLogout