Various organizations are now turning towards NFTs. An NFT is a particular type of encrypted token that represents unique collectibles. An NFT involves digital items, such as encrypted art, digital collectibles, and online games. Paytm is the latest organization to turn towards NFTs. Paytm took to Twitter to express its stance on NFTs. It seems that NFTs have managed to grab the attention of Paytm.
Paytm tweeted about how a JPG image was sold for $69 million and how NFTs are becoming popular. PayPal also explained what exactly are NFTs. It elaborates that NFT is the digital token tied to a digital asset and purchased or sold on the blockchain. Paytm intends to educate its users on the NFTs and promote NFT’s popularity. However, Paytm took to Twitter to inform its users about NFTs, but not to mint any advice or recommendations.
NFT: A Bubble or Not?
Paytm further elaborates that anyone and everyone can invest in NFTs. It further elucidates that any creator can issue NFTs on platforms and go on to trade them. “Minting” attributes to developing a file on the blockchain that cannot be modified nor eliminated. It further discusses people calling NFTs a bubble. It says some people are calling it a bubble; others are envisioning a future of valuable collectibles. Whether a bubble or not, it is enjoying great popularity with multiple organizations shifting towards non-fungible tokens.
However, public awareness has been propelled by headline-grabbing NFT art sales like the $69 million sales of digital artwork by Beeple. The NFT art market has witnessed rapid development in recent months. Moreover, crypto-collectibles have also been on the rise, with NBA Top Shot trading millions of baseball-themed digital trading cards. This ignited a rush of web traffic to sites that sell and resell NFTs. NFT marketplaces also witness prominent growth in the number of visitors to their site. Rarible increased by 305%, OpenSea by 360%, MakersPlace by 263%, and SuperRare by 158%. With Paytm promoting and informing its users about NFTs, we can expect Paytm to invest soon or mint its own NFTs.
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