What is an NFT?

We hear the word NFT splashed about in the media and on the news even Picasso’s family is now selling NFTs! But what exactly is an NFT really all about?

Let’s start at the very beginning, with the word NFT, it stands for these words: non-fungible token. A non-fungible token is a digital asset that can be a piece of digital art or music or a photo. It cannot be replaced or exchanged for another one because every NFT is unique!

Non fungible Art

The sales of digital art are growing, one example that received alot of news coverage is the artist Beeple who sold an NFT called Everydays: The first 5000 days, for $69 million. This is just one example of the growing popularity of NFTs in the world of digital art.

How are NFTs stored?

NFTs are stored in blockchain which means they are stored on a network of computers across the world.

The uses for NFTs

NFTs are not just used for art, they can be used for music and photos and other items. More and more items are becoming available as NFTs. The world is certainly just at the very beginning of discovering all the possibilities uses for them.

Sources:

https://www.bbc.co.uk/newsround/25622442

https://nypost.com/article/what-is-nft-how-does-it-work-examples/

%d bloggers like this: