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What's an NFT?
In case you’ve been reading concerning the cryptocurrency world, you’ve probably heard of something called an NFT and how the market surrounding these tokens is taking off. However what exactly is an NFT? And why would anyone purchase one?
What is an NFT?
The letters NFT are an abbreviation, they usually stand for non-fungible token. The word non-fungible basically means ‘not tradeable’ and thus, a non-fungible token is a token which is not tradeable on a one to at least one basis.
This doesn’t imply that one can't exchange an NFT for cash, it just merely implies that there isn't any universal worth which one can peg to each NFT. Each NFT will have a worth which is exclusive to it, and its buyer. Think of NFTs as the fine art of the cryptocurrency world. Just as the value of a painting modifications primarily based on when, the place, and to who it is sold to, NFTs also are able to change value based on totally different circumstances. Besides just digital paintings, NFTs can be music, videos, and even tweets from sites like Twitter.
Where are NFTs Discovered?
As talked about above, NFTs are basically digital art. This means you would find them in online marketplaces for digital art. But this isn’t the only place you'll find NFTs, as they will often be discovered in the video gaming world. This is because, within the modern day, there are a number of upgrades, such as outfits and weapons, which you can buy on your digital characters in a number of video games. These outfits and weapons are NFTs.
Who Can Make an NFT?
NFTs are built on varied blockchains resembling Ethereum and Tezos. This means anyone who has access to an NFT creation platform, and has a small quantity of ETH or XTZ, can create an NFT. An example is the artist Grimes, who created a bunch of NFTs in the form of unique digital renderings, and sold them in a web based public sale in February 2021 for over $6 million.
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