What is Nft?
Nft stands For non-fungible tokens
It means it is unique and cannot be replaced with something else. Anything can be an Nft
Starting from a piece of artwork, music, videos, Tickets e.t.c.
What gives nft its uniqueness?
A piece of art Nft can be copied from the internet but there is something that can’t be copied which is ownership of the work. Just to make it clearer anyone can download a copy of the Mona Lisa from the internet but the true creator of this artwork is Mona Lisa is Leonardo da Vinci.
Characteristics of an Nft
- They are owned by an individual (who has the right to transfer ownership)
- They are traded among participants
- They are secured by cryptography
What gives nft its value?
Just like the value of an artwork depends on the credibility of the artist, the nature of the artwork, the story behind the artwork and the social influence of the artwork, the same principle is applied with regards to nfts. The values of nfts are based on speculations, nfts with highly speculative value sell at a higher price while those with little or no speculative value will remain unsold.
Where can nfts be traded?
There area number of places where you can buy or sell your nfts, the most popular been opensea.io, solsea, Nifty e.t.c