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What's an NFT?

By Veda K. Ford, NFT enthusiast.

Create Date: 2022/06/07

5 minute read.

An NFT is a non-fungible token - it is a financial security created from digital data that is stored on a Blockchain. It is like an online ledger. Part of the data stored on the Blockchain is ownership. This concept is what allows the NFT to be sold and traded. The value attached to the digital file, the image, video or audio; give it its monetary value.

Fungibility refers to goods or assets that are all the same and can be swapped interchangeably, however the NFT usually contains images/photos, videos and/or audio and are unique. Cryptocurrencies are fungible because they are not unique.

NFT = Non-Fungible Token

The value associated and when NFTs are held as investments, are what makes them Crypto assets. They are often traded or held in a digital wallet as the value of NFTs are expected to rise. The NFT digital generation and distribution are sourced from smart contract software, which is tied to the Blockchain. Once created they can be sold and resold.

NFTs are important, because the digital data is stored on an open Blockchain, so all the information is public and accessible. A Blockchain is smart contract technology. The Blockchain framework hosts digital certificates of authenticity for digital artifacts.

NFTs are the Future

Every NFT is unique and it can be used to authenticate ownership of digital assets like artworks, recordings, virtual real estate or virtual pets.

NFTs are the Future

  • Crypto Art
  • Trading Cards (sports)
  • Music/Video Clips
  • Memes
  • Tweets
  • Virtual Real Estate

NFT Popularity Increasing

NFTs are increasing in cultural relevance from the popularity in media, financial analysts, governments, regulatory agencies and most importantly investors. They are given value because of investors' interest.

Buy NFTs on a Marketplace

Pro Tips

1. Have Fun

2. Do Your Own Research (DYOR)

3. Invest and engage in communities you find to love

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