What is an NFT?
A non-fungible token (NFT) is a cryptographically unique, decentralized digital asset. These tokens are not interchangeable, unlike cryptocurrencies such as Bitcoin which can be sent to others and exchanged for other currencies or goods/services. Each NFT is unique or has a fixed list of individually owned properties.
What do you do with NFT’S?
NFT’S can only have one official owner at a time. Non-fungible tokens are secured by the Ethereum blockchain – which means no one can modify the record of ownership of each NFT. You essentially own all the rights to the NFT’S that you own. So if your NFT is artwork, you are free to use that artwork anywhere. Most people are creating or buying and selling NFT’S for a profit a bit like how stocks are traded on the stock market.
How artists are making money with NFT’S
Artists are creating one-off pieces of digital art and selling them as Non-Fungible Tokens, this basically means that once ownership is passed on to the customer, the customer then owns all the rights to that image so neither the artist nor anyone else can copy that artwork ever again.
Why you should invest in Non-Fungible Tokens
Non-Fungible Tokens are unique. This makes them rare, and highly sort after and their value can increase over time, much like famous paintings do as they themselves are also unique one-off pieces.
If you manage to get your hands on an NFT that other people will like, then you truly have something of value that people will pay for.