Imagine buying a piece of digital artwork on the Internet at a reasonable price and getting a unique digital token known which proves your authority over the artwork you bought. Wouldn't it be great? Well, that opportunity exists now, thanks to NFTs.
NFTs are currently taking the digital art and collectible world by storm. Just as everyone worldwide believed Bitcoin was the digital answer to currency, NFTs are now being pitched as the digital answer to collectibles. As a result, digital artists are seeing their lives change thanks to the massive sales to a new crypto audience.
If you are interested in NFTs and want to explore more about them, you have come to the right place. Let’s dive in and see what all the fuss is about!
What is NFT?
NFT means non-fungible tokens (NFTs), which are generally created using the same type of programming used for cryptocurrencies. In simple terms these cryptographic assets are based on blockchain technology. They cannot be exchanged or traded equivalently like other cryptographic assets.
Like Bitcoin or Ethereum. The term NFT clearly represents it can neither be replaced nor interchanged because it has unique properties. Physical currency and cryptocurrency are fungible, which means that they can be traded or exchanged for one another.
- NFT stands for a non-fungible token, which means it can neither be replaced nor interchanged because it has unique properties.
Key Features of NFT -
- Digital Asset - NFT is a digital asset that represents Internet collectibles like art, music, and games with an authentic certificate created by blockchain technology that underlies Cryptocurrency.
- Unique - It cannot be forged or otherwise manipulated.
- Exchange - NFT exchanges take place with cryptocurrencies such as Bitcoin on specialist sites.
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