NFT is a digital asset that represents Internet collectibles like art, music, and games with an authentic certificate created by blockchain technology in a way that ensure ownership and create scarcity
An NFT is a unique and irreplaceable asset that is purchased using cryptocurrency. It can gain value independent of the currency used to buy it. It cannot be forged or otherwise manipulated.
NFT exchanges take place with cryptocurrencies such as Bitcoin and Ethereum on dedicated specialist websites. The exchange is done securely to protect all the respective parties involved.
People buy NFTs for many reasons. Some view NFTs as assets to collect and trade, they see them as investments. Others just love the art or the technology behind NFTs and like to experiment with how it can be used. More and more people are now seeing NFTs as a way to launch products, raise funding and give a voice to marginalised communities. There’s a sense NFTs can unlock a new kind of democracy.
NFTs are also called non-fungible tokens, and they are blockchain-held tokens that represent a unique asset – whether physical or digital. NFTs are secured on cryptocurrency blockchains, trading using Ethereum, Solana, Wax and other tokens. This means they are tied to the ebb and flow of cryptocurrency values.
Many people collect NFTs, spotting new projects and ‘HODLing’ until their values increase.
If you’re serious about getting into NFTs you’ll want to find projects you like and get in early.
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