Non-fungible token (NFT) is a term you might hear on the news, social media or when someone from the crypto scene talks to you. But what is an NFT? It’s nothing complicated, and actually, non-fungible tokens are just another way to describe digital assets. But no matter what you call them, they do share some common ground as well as points that set them apart.
NFTs are unique, one-of-a-kind assets. Most NFTs are part of the Ethereum blockchain, meaning that can be bought or sold with the cryptocurrency Ethereum.
This also means that the information on each NFT (it’s transactions, and creation) is stored in the Ethereum Blockchain. A sort un unchangeable, rock-solid diary with the movements of the asset.
So, what really is an NFT?
An NFT can be anything. It can be a digital artwork, a video of a real-life moment, a virtual world item, a photograph, music, or anything else you could think of.
At the moment, most NFTs are digital art. This digital art is in its majority, created digitally, or with any AI functionality (such as computer generated).
You can start collecting digital art, such as a CryptoPunk or CryptoKitty, which were the first collection of NFTs ever launched.
Why are NFTs a different kind of art?
With NFTs Artists can issue their own NFTs that can be freely traded across all platforms and networks, instead of being sold by an art gallery or intermediary. Each time the NFT is sold, the artist or creator will receive a commission of their choice.
Some of these NFTs come with special, unique experiences, such as claiming an unseen physical artwork or object, or exclusive content from the creator.
There are pre-defined rules / categories on which NFTs are categorized as well as, many categories or quirks that will be identified after the token launch, and can even become trendy.
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