NFTs Explained:

NFTs or “non-fungible token”, are unique and can’t be replaced by another one. They are supported by blockchain technology, just like cryptocurrency. Let’s say you have a print of a famous work of contemporary art. There are hundreds just like it. If you and your friend both have the same print, you could swap them and it wouldn’t matter. Now imagine your print gets signed by the actual artist or is the original canvas. It’s not exchangeable anymore. It stopped being “fungible” and turned into a “non-fungible” item. So, what else can become an NFT? Almost anything! Blockchain technology found a way to mint all sorts of items into NFTs: videos, photos, documents, art, music – anything digital, as well as physical items too. Each NFT is unique and has built-in authentication. Before NFTs, everybody had the same copy of the same art print. Now, there is a way to make one of those copies an original – a collector’s item to own and cherish. This won’t stop others from producing copies. Nobody stopped people from producing prints of famous works of art, but the originals still remained originals. That’s now possible with NFT items, both digital and physical, as well. Most of the world’s NFTs are based on the Ethereum blockchain. You take an item and you “mint” it, so it becomes a digital asset that you can buy, sell, or collect. NFTs are 100% counterfeit-proof. Once you mint an NFT, that’s the only version that exists and it’s easy to prove its authenticity. It has a digital certificate embedded in it that cannot be forged. NFTs are a way you can finally collect digital originals.

Are NFTs a Fad?

No. NFTs are new and not everybody gets it. When Bitcoin was new, people used to say that it was a fad. Now, those same people are kicking themselves for not investing at the time. Those who are buying NFTs understand their value, and they know how to recognize a money-making opportunity when they see one. Online NFT galleries, virtual reality (VR), video games, and other digital assets are growing, and they all use NFTs. Acquire a piece of history today. It is obvious that NFTs are the next big thing and we are witnessing a new revolution in the world of art. This is history in the making, and you get to be a part of it today.