NFT
What even is an "NFT"?
Last updated
What even is an "NFT"?
Last updated
NFT stands for “non-fungible token”. In plain English, it’s a one-of-a-kind digital asset. When you own an NFT, you can choose to store it because you’re a long-term investor or simply because you love the art. You can also sell it and even turn a profit. For artists and creators, NFTs allow them to enjoy creator royalties, as long as they were honoured by the trader. Use cases for NFTs are plentiful and are being explored in the field of games, music, real estate and more! A prominent use case for NFTs is that it establishes proof of ownership for digital art, which opens up new avenues for artists.
On a blockchain, you can track who owns an NFT. If you owned an NFT, the whole world would know that your NFT belongs to your specific wallet address, and no one can dispute your claim of ownership. Anyone can download an image of the Mona Lisa on Google Images but not everyone can own a certificate proving ownership of the Mona Lisa. This is the strength of digital ownership.
To register NFT for auction, it must first be created through a process called "minting". NFTs are created by converting digital files into digital assets that can be stored in the blockchain. The process of publishing varies from platform to platform, but is generally as follows:
