What is an NFT, and why do pictures of monkeys sell for ridiculously high prices?

The Bored Ape Yacht Club (BAYC) is made up of 10,000 unique and expensive monkey nft. These are rare digital treasures that are kept on the Ethereum blockchain. One of the most expensive and well-known NFT projects is called Bored Ape NFTs. It is most expensive nft monkey and has pictures of grungy, bored-looking apes wearing human clothes on their sometimes metal, sometimes colored bodies.

What an NFT is

One example is a token that can’t be traded (NFT). I know what you think about it now that you’ve read it. He will likely say, “Okay, thanks, loser, now I’m even more confused.” Most websites just give the definition of the phrase without explaining what it means.

Fungible is a word for anything that can be traded for its opposite. It could be even worse than moist. Making up money. I can get a good exchange rate if I change a large amount of US dollars into Australian dollarydoos.

A thing that can’t be changed into something else of the same value can’t be traded. The best example of this is when your cousin traded the Mona Lisa for the art he made while on acid in the Blue Mountains. The first thing is the only one of its kind, but the second is just a piece of art by Leonardo da Vinci.

Basically, you can’t just assume that each NFT is worth the same. Most NFTs are works of art, movies, or music, so the comparison to the Mona Lisa can help you understand this idea better. A photo may show up online in more than one way, but there can only be one owner. You now have a basic idea of what all the fuss is about. No one knows why there is so much trash.

Blockchain

He said that a blockchain is a decentralized database or digital distributed ledger of transactions that updates digital information across a network of computers in real time. This answer seems to me to make the most sense, so it must be the best. How do these things help celebrities like Grimes so much?

After the end of the world, there will only be Roaches, Cher, and Grimes’ constant online presence. Grimes, like many other artists, has used the NFTs trend to sell unique works of art and make money without going through a middleman. Grimes has made a total of $6 million (AU$7.7 million) from selling NFTs, which is a lot. This is the video she sold for $389,900 (AU$498,000), called “Death of the Old.” Yes, you can watch it here for free, but right now only one person has control over the video and audio.

Monkey NFT

In April, four web developers who probably live in basements came up with the name Bored Ape Yacht Club to sell NFT monkeys (BAYC). All of these monkeys were bought on the same day for about $300 AUD each, which has made them harder to find over time. As famous people like Jimmy Fallon joined the BAYC trend, the craze grew even bigger. The people who own these rare NFT photos are now going to concerts and getting together on real yachts.

Don’t stress out! It can be hard to keep up with changes in the internet and technology, but I think that NFTs, like Bitcoin, will quickly become part of our culture and then we will move on to the next thing.