What is NFT?everything about NFT explained!
NFT stands for a non-fungible token, which means that hidden in those quirky artworks, there’s a unique and non-interchangeable unit of data stored on a digital ledger using blockchain technology to establish proof of ownership. Essential the same, or similar technology used for cryptocurrencies like bitcoin and ether is used to guarantee the uniqueness of each NFT and to prove who owns it.
They’re apparently everywhere, but more than a few people are still asking just ‘what are NFTs?’ After taking the art and gaming world by storm in million-dollar auctions, NFTs have now exploded into the mainstream with celebrities and big brands getting involved. Adidas minted some with Bored Ape Yacht Club and then launched a collaborative NFT project with Prada. Even McDonald’s and Coca-Cola have added NFTs to their marketing mix. If you’re still completely baffled – and we certainly don’t blame you if you are, below we’ll answer the question what are NFTs? and also touch on how they can be used by creative professionals.
How NFTs actually works?
The unique identity and ownership of an NFT is verifiable via the blockchain ledger. They were first launched on the Ethereum blockchain, but other blockchains including FLOW and Bitcoin Cash now also support them. Whether the original file is a JPG, MP3, GIF or anything else, the NFT that identifies its ownership can be bought and sold just like any other type of art – and, like with physical art, the price is largely set by market demand.
Where you can buy NFTs!
Don’t go thinking you’ve hacked the system and become a millionaire by right-clicking and saving the image of Beeple’s Everydays – The first 5000 days above. That’s just what NFT’s are not. The images above is simply a copy, in JPG form of the original work. It’s not actually the NFT itself because the file doesn’t hold the information that makes it part of the blockchain and identifies it as the original.