What is NFT?

 You ask and we answer!

Question: What is NFT?

Answer: NFT refers to Non-Fungible Token which is a digital file whose ownership can be digitally verified using blockchain technology.

Question: What does fungible mean?

Answer: Fungible essentially means capable of being copied, so non-fungible means the token in question is unique. There are no other tokens exactly like it. For more information on what fungibility means click this link to take you to the wiki page.

Question: What is a token?

Answer: A token is any digital file that is uploaded to the blockchain and recorded in a digital ledger, becoming a cryptographic token.

Question: Does that mean there can only be one copy of the NFT?

Answer: While there can be many copies of the work that was used to make the NFT, there can only be one unique digitally signed NFT. This digital signature can be verified using the blockchain, so that only one NFT exists of a given work of art, even though there may appear to be other works like it.

Question: So why would an artist create an NFT?

Answer: An artist can create a work then sell the NFT while still possessing the copyright to the work. This allows the artist to create an additional stream of revenue in addition to a singular work of art.

Question: Why would anyone buy a NFT if they don't also own the original work?

Answer: NFTs can be traded on the open market as their unique identify is openly and easily verifiable. This makes them a tradable commodity.

Question: Where can I buy NFTs?

Answer: You can buy NFTs at these websites: OpenSea and Nifty Gateway.



To learn more about this interesting new technology read more here:NFT

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