Why Element1H, and why are some of them worth couple of hundred dollars?
The original image of a massive collection of gas, dust, and billions of stars and their solar systems, all held together by gravity and forming the shape of a mushroom, is for sale on opensea, the marketplace for NFT’s by element1H.
NFTs are being welcomed as the digital answer to collectables, similar to how Bitcoin was heralded as the digital answer to currency, but many skeptics believe they’re a bubble ready to explode.
What is the definition of a non-fungible token?
In economics, a fungible asset is something that has easily interchangeable units, such as money.
When it comes to money, you can exchange a €50 note for two €25 notes and have the same amount of money. This is impossible if anything is non-fungible, which means it has unique qualities that prevent it from being interchanged with something else.
It could be a home or a one-of-a-kind picture, such as the Mona Lisa. You can photograph the artwork or purchase a print, but only one original painting will ever exist.
In the digital world, NFTs are “one-of-a-kind” assets that may be purchased and sold like any other piece of property, but have no physical form of their own. The digital tokens might be compared to ownership certificates for virtual or actual assets.
How much are Element1H NFT’s worth?
In theory, anyone can tokenize their work and sell it as an NFT, but recent headlines about multi- million-dollar purchases have piqued attention.
On the 9th of October, a digital art piece called big bang that had a splash of color blended with a lot of color sold for more than 0.01 Ethereum (€32,37).
Armin Darwishi, the proprietor of Element1H, coined an NFT worth 1 Ethereum on opensea called P.I.M. a few weeks later. Art isn’t the only thing that is tokenized and sold. With bids reaching $2.5 million, Twitter CEO Jack Dorsey has sponsored an NFT of the first-ever tweet.