Nonfungible tokens, or NFTs, are a new kind of collectible to spend your money on — or potentially earn big bucks — that’s outstripped cryptocurrency in hype and popularity. But unlike a Pokemon card, a comic book or a traditional piece of art such as a painting, they’re entirely digital, tied to things like a video highlight, a meme or even a tweet.
What does NFT stand for?
What is an NFT?
A unique digital identifier that cannot be copied, substituted, or subdivided, that is recorded in a blockchain, and that is used to certify authenticity and ownership of a specific digital asset.
Why are NFT’s important?
Confirmed chain of ownership. For creators, NFT’s provide a new source of revenue and outlet for their content. For the consumer, it gives a new opportunity to purchase or invest in a new asset class.
Are NFT’s a good investment?
The value of an NFT is largely based on what someone is willing to pay for it, so the long-term value is not certain.
How can you make money from NFT’s?
By purchasing NFT’s that appreciate, or creating NFT art, collectibles or other items.