NFT (NON-FUNGIBLE TOKEN)
A non-fungible token (NFT) is a unit of data stored on a blockchain, that certifies a digital asset to be unique and therefore not interchangeable. NFTs can be used to represent all types of digital files such as photos, videos, audio, and other . Access to any copy of the original file, however, is not restricted to the buyer of the NFT. While copies of these digital items are available for anyone to obtain, NFTs are tracked on blockchains to provide the owner with a proof of ownership that is separate from copyright.
In 2021, there has been increased interest in using NFTs. Blockchains like Ethereum. Flow, and Tezos have their own standards when it comes to supporting NFTs, but each works to ensure that the digital item represented is authentically one-of-a-kind. NFTs are now being used to commodify digital assets in art, music, sports, and other popular entertainment. Most NFTs are part of the Ethereum blockchain; however, other blockchains can implement their own versions of NFTs.
Unlike crypto coins, which are identical and worth the same, NFTs are unique.
An NFT is worth what someone is willing to pay for it.
Meaning the creator of the NFT sets the price.
Above is an NFT created for simplylearncrypto.com
The NFT market value tripled in 2020, reaching more than $250 million.
You can purchase unique NFTs or create your own!
NFTs are another way to involve invest into the cyberworld of finance.
In March, Artnet News published a list of the most expensive NFT artworks ever sold, topped by Beeple’s $69 million sale at Christie’s. That took place on March 11, catapulting the artist, whose real name is Mike Winkelmann, to number three on the list of most expensive living artists at auction.