All Your Questions About NFTs, Answered
You’ve likely heard the term NFT being thrown around in recent months. The mysterious blockchain assets have become popular collector’s items, with several artists digitizing their works and offering them up for sale at hefty prices as NFTs. Celebrities have also gotten in on the action — Twitter CEO Jack Dorsey is auctioning off his very first tweet as an NFT, while musician Grimes sold $6 million USD worth of digital art through NFTs. So what is an NFT?NFT stands for non-fungible token. These digital tokens exist on a blockchain and are unique and cannot be replicated. In other words, if you own a particular NFT, it cannot be interchanged with something else.“It is a technology which enables true ownership of any type of digital asset or good,” explains Dan Kelly, president of NonFungible.com.hale Shark, an NFT collector, explains that these cryptographic tokens are created on a blockchain and are used to prove scarcity and ownership of a digital asset, whether that be a picture, a piece of music, or a gaming asset.“In layman’s terms, NFTs are digital stuff that you can truly own and manage.”For example, 39-year-old digital artist Beeple, also known as Mike Winkelmann, sold an NFT of his purely-digital work of art at Christie’s for $69 million USD.
