Lovlina Borgohain steps into the world of NFTs

With this, Lovlina walked the road already taken up by many Indian sports celebrities like Mary Kom, Mirabai Chanu, Vijender Singh, Manpreet Singh and Rani Rampal, among others.
 | 

GUWAHATI:

Decorated welterweight Indian women boxer, Lovlina Borgohain has stepped into the world of Non-Fungible Tokens (NFTs). The Olympic Bronze medallist announced the same through a post on her Twitter handle on November 11.

“Hello everyone, I’m all set to step into the #NFT world! Dropping in my exclusive insane NFT’s with nOFTEN NFT Marketplace very soon (sic),” Lovlina posted on her Twitter handle.

With this, Lovlina walked the road already taken up by many Indian sports celebrities like Mary Kom, Mirabai Chanu, Vijender Singh, Manpreet Singh, Rani Rampal, Manika Batra, Hima Das and others. And for those wondering what is NFT? Here is a crash course.

What exactly is an NFT?

A Non-Fungible Token (NFT) is a virtual currency that resides on a blockchain. It is used to represent real-world elements like art, in-game goods, music, and films. They are purchased and traded online, predominantly using cryptocurrency, and are typically encoded with similar software like other cryptos.

How NFT Works?

The Ethereum network is where the majority of NFTs are produced and kept. While NFT holdings may be traced and validated, the token's holder can remain anonymous.

Purchasing and selling NFTs

The world of NFTs is a boiling mess for the time being and not in a straight line to understand. People are into the practice of buying and selling almost anything they can lay their hands onto. Someone allegedly paid an amount of Rs 1, 29, 00, 000 for buying a virtual cat. Also in another instance, a guy paid an amount of Rs 21, 86, 00, 000 to buy a tweet of Twitter CEO Jack Dorsey.

What’s the gain?

With celebrities worldwide like NBA athlete Stephen Curry, musician Snoop Dogg, and YouTuber Jake Paul trading in NFTs, NFT sales volume rose to $10.7 billion in 2021.

TNT-The Northeast Today is now on WhatsApp: CLICK HERE to receive more updates on your phone.

ALSO READ: Syed Mushtaq Ali Trophy: Meghalaya close campaign with massive win over Arunachal Pradesh