We Love NFTs

NFT stands for non-fungible token, which a unique digital asset managed on blockchain that you are able to buy, sell, trade and own. When a commodity is non-fungible, it means it’s not mutually interchangeable. As NFT stands for non-fungible token, and it is a unique digital asset managed on Blockchain that you can buy, sell, trade and own. When a commodity is non-fungible, it means it’s not mutually interchangeable. Crypto coins are all identical and worth the same, but the value of an NFT is more speculative. For example, on March 11, 2021, a collage composed of 5,000 digital pieces was auctioned for $69 million. Mike Winkelman (AKA Beeple), the artist behind this remarkable digital piece of art, began the bid for his NFT at $100. However, due to the token’s non-fungible nature, its value proposition could not be easily described. Since people were willing to pay $69 million for it, it sold for $69 million. This is what gives NFTs their appeal. They are a completely unique piece of data, and people are willing to spend a lot for them. Similarly, since NFTs exist on a blockchain, they allow for peer-to-peer (P2P) transactions– a major upside for creators looking to sell their digital wares directly to their fans and cut out the middleman.

NFT Basics:

• An NFT is a digital file with a unique identity.
• An NFT is built on a blockchain using specific token standards, most commonly Ethereum ERC-721.
• Creating an NFT requires uploading your digital file to an NFT marketplace.
• Blockchain allows you to verify the authenticity of an NFT, which is a large part of its appeal.

Once you get the basic gist of NFTs, it’s easy to make your own NFT. Common NFTs include digital art, music NFTs, in-game tokens, trading cards like basketball cards or Pokemon cards and more. Much like a cryptocurrency exchange, an NFT exchange allows you to buy, sell and trade NFTs. It also makes it possible to upload and tokenize your digital soon-to-be-asset as a blockchain-based token. The world of NFTs is growing rapidly, with marketplaces quickly emerging to meet the demand for these digital artifacts. Several have already emerged ahead of the crowded pool of contenders to prove themselves the best NFT exchange in their category.