![]() ![]() If you needed any confirmation on the validity of NFTs, the most expensive one to date titled “The Merge” was sold in December 2021 for a whopping $91.8 million! Have a quick Google search for that piece and tell me if you think it's worth it. ![]() It’s an ever-changing digital world and there are no doubts that NFTs are growing in popularity and are a huge part of that future. Along with the expected and not completely unwarranted uncertainty and speculation. There is plenty of excitement around the possibilities and the opportunities it opens up. NFTs and the blockchain are all new and emerging technologies. Not only do they receive the initial purchase value, but there are features that enable the artist to receive a percentage each time the NFT is sold on in the future.Īs a buyer, much like with physical art, it enables you to support creators alongside the bragging rights of ownership. Anyone can create and sell an NFT through a vast selection of platforms. What is the point of NFTs?Īs an artist and creator, being able to sell artwork online with a way to validate ownership of the original significantly lowers the barrier to entry in the space. But much like in the real world with physical art, anyone can find and print a copy of the Mona Lisa, but only one person can hold the original. It’s digital ownership of an asset that either consumers wish to keep or hope the value increases with years to come with a look to resell. At least that’s the hope of the customers who have spent millions upon millions on NFTs already. The most popular NFTs right now include artwork and music, but. It’s digital art collecting in its early stages. NFT stands for non-fungible token, which basically means that it’s a one-of-a-kind digital asset that belongs to you and you only. Why purchase an NFT?Īnother great question. A list of records (blocks) linked together through cryptography. This is a whole other question, but in simple terms it’s a digital ledger. The unique identifier (or a smart contract) that is stored within the blockchain validates when it was purchased and by who, providing official recorded ownership and with it, bragging rights. Usually, these tend to be photos, videos or audio files. In its most basic format, an NFT tends to be a digital piece of artwork with a unique identification code and metadata that are linked to the blockchain. But you can’t exchange one unique piece of artwork for another, that’s non-fungible. Non-fungible essentially means unique, it can’t be replicated or replaced.įor example, you can trade one bitcoin for another bitcoin. Three simple letters that have most of the digital world asking one question, what on earth is an NFT? We’ll try to break it down, but be warned, this can be a very, very deep rabbit hole to find yourself in. ![]()
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