NFTs, or Non-Fungible Tokens are booming right now. For most people, NFTs and crypto, in general, are a complicated mess. The fact that you landed on our website, probably means you'd like to know more about NFTs and their promising potential for the future. We're here to guide you through the complex phenomenon of NFTs, from the basics to the deep-dives.
The acronym NFT stands for "non-fungible token", which means it's a one-of-a-kind digital asset that belongs to you and you alone. Artwork and music are currently the most common NFTs, but they can also contain films and even tweets.
Most NFTs are, at a high level, part of the Ethereum blockchain. Ethereum is the technology behind the Ethereum (ETH) cryptocurrency and hundreds of decentralized applications.
NFTs are digital tokens that can be used to represent ownership of one-of-a-kind goods. They enable us to "tokenized" items such as artwork, collectibles, and even real estate.
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NFTs are intended to provide you with something unique: ownership of the work Anyone can buy a Monet painting, but the original can only be owned by one person. One of the most obvious advantages of purchasing art is that it allows you to financially support artists you like, which is also the case with NFTs. When you buy an NFT, you usually get some basic usage rights, such as the ability to publish the image online or make it your profile photo.
Numerous platforms have sprung up around NFTs, allowing users to buy and sell them freely. OpenSea, Rarible, and Grimes' pick Nifty Gateway, are some examples, but there are dozens more. NFTs are also already available as items in video games. They can even be used to sell virtual pieces of land. Players can purchase a one-of-a-kind in-game rifle, helmet, or whatever as an NFT, which would be a huge flex in the gaming community.