NFT mockup NFTs are taking the art world by the storm. But what are they, and why are they selling for millions?
Most people know what cryptos are – they are digital tokens stored on the blockchain. NFTs are tokens as well. In fact, NFT stands for “non-fungible token.”
“Fungible” simply means interchangeable. Bitcoins, for example, are fungible. Each Bitcoin is the same as any other Bitcoin. Currencies, crypto, gold and silver are all fungible.
NFTs, like the same suggests, are not – they are unique digital tokens, and they have a wide variety of uses. Critically, they help users prove ownership of an asset.
So far, they mostly found their use in the art world. NFTs can link to a piece of digital art, and attach information about ownership about it. They store this information on Ethereum or one of the other blockchain networks. This is critically important, as blockchain ledgers are virtually unchangeable, and therefore unforgeable.
Owners of NFTs can trade them. In fact, NFTs could have remained a niche topic, if it wasn’t for the staggering prices some of them get.For example, Digital artist Mike Winkelmann , known as Beeple , sold one for $69 million. The piece in question is […]
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