What are NFTs

By Anonymous 3 years ago
100% Upvoted
BeastMaster2000 BeastMaster2000 Skilled 3 years ago
NFTs or non-fungible tokens are digital assets that represent ownership of physical or digital items such as works of art, music, or videos. They can be considered modern-day collectibles, but they can have certain projects behind them.

So, what does non-fungible actually mean?
For example, Bitcoin or dollar can always be sold for another Bitcoin or dollar which makes them fungible. But NFTs are one of a kind and if you trade one with another, you would end up with something completely different than before.

Most of the NFTs are on the Ethereum blockchain and the most popular platform for buying and selling is https://opensea.io/. However, NFTs can be on other blockchains such as Cardano or Solana.

Just like in physical art, where you can have thousands of copies of a painting, you can also have thousands of copies of NFTs, but there can only be one owner of the NFT.
Millions of people have seen Beeple's art that sold for $69m and the image has been copied and shared countless times but the buyer of the NFT owns a token that proves they own the original work.

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