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What's an NFT?
If you’ve been reading in regards to 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 anybody buy one?
What is an NFT?
The letters NFT are an abbreviation, and they stand for non-fungible token. The word non-fungible basically means ‘not changeable’ and thus, a non-fungible token is a token which just isn't changeable on a one to at least one basis.
This doesn’t mean that one cannot trade an NFT for cash, it just simply means that there isn't a universal worth which one can peg to each NFT. Each NFT will have a value which is exclusive to it, and its buyer. Think of NFTs as the fine artwork of the cryptocurrency world. Just as the worth of a painting modifications based mostly on when, where, and to who it is sold to, NFTs are also able to change worth based on different circumstances. Besides just digital paintings, NFTs can be music, movies, and even tweets from sites like Twitter.
The place are NFTs Discovered?
As mentioned above, NFTs are basically digital art. This means you'll discover them in on-line marketplaces for digital art. However this isn’t the only place you could find NFTs, as they'll often be discovered within the video gaming world. This is because, within the modern day, there are a number of upgrades, corresponding to 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 constructed on numerous blockchains equivalent to 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 instance is the artist Grimes, who created a bunch of NFTs in the form of distinctive digital renderings, and sold them in a web-based public sale in February 2021 for over $6 million.
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