What You Need to Know About NFTs
The blockchain marketplace isn’t limited to investments in cryptocurrency, utility tokens, and more. Digital assets are abundant nowadays evolving alongside the development of blockchain technology. Non-Fungible Tokens–or NFTs–might be one of the more interesting digital assets, given its variability.
What are Non-Fungible Tokens (NFTs)?
Non-fungible tokens are digital assets that contain identifying information recorded in smart contracts. Each token is unique and cannot be exchanged for another token. Because of this, they differ from fungible cryptocurrencies, like BitCoin, which can be equally exchanged for one another. Additionally, they are not divisible and when purchased, giving sole ownership to their owner.
What can be an NFT?
NFTs can be anything digital (such as drawings, photographs, music, and animations), but a lot of current excitement surrounds using the tech to sell digital art. Well-known NFTs include the first Tweet ever, the Doge NFT, the Grimes NFT, and the World Wide Web source code. Check out the most popular NFTs for 2021 here.
How do you make an NFT?
There are different platforms on which you can create an NFT, and NFTs can support visual files (JPG, PNG), music files (MP3), and more. Once you create your NFT, you can add it to a minting platform and label it as an NFT, name a price, and list it for sale on the blockchain.
How do NFTs work?
Most NFTs are a part of the Ethereum blockchain; however, they store extra information to document their uniqueness.
What’s the history of NFTs?
The first NFTs were Cryptokitties collectibles, which was the first game built on the Ethereum network. Cryptokitties is an online game where players buy, trade, and breed adorable digital cats, which are then considered individual NFTs.
What’s the future of NFT?
Current trends indicate that the NFT marketplace is likely to become a digital space for art collection. TRG Data Centers predicts that “the future of NFTs could be for practical business use rather than expensive art collectibles. Virtual real estate is a serious consideration in our digital world and NFTs can provide more efficient transactions in the business world.”
Like the entire blockchain space, creators and curators of NFTs continue to evolve and push boundaries. Interested in creating, shopping, or investing through CURɅTE’s gasless NFT and P2P marketplace? Download our app for iOS, Android, or access our gasless NFT marketplace through our web app.