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All you need to know about the NFT

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26 May 2022
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All you need to know about the NFT

What is NFT

NFT stands for “Non-Fungible Token” and it is an artistic digital asset that can be traded online using crypto-currency. NFT was founded back in 2014, but it is rapidly popularising just now since its becoming trendy to purchase digital artwork.

What distinguishes NFTs is that they usually come in limited quantities or even come as one of a kind. Such advantage clarifies why NFTs are now as valuable as fine art in the global market.

Also, people tend to enjoy the ownership of an NFT rather than just view it online in order to enjoy “digital bragging rights” and share it all over social media platforms.

How does it work:

NFT are found on a distributed public ledger that is able to record transactions. NFTs are supported by multiple block-chains, but they are mostly held on the Ethereum block-chain.

Just like purchasing an art piece from a gallery, NFT is your art piece in the form of a digital file. By purchasing it, you receive ownership rights and you are able to trade it for other digital tokens.

Why NFTs and not physical art pieces:

Moving on from a traditional genre to a modern one, everything is being done online. This applied on the art industry as well by creating the NFTs. Artists can no longer keep up with the hassle and added costs of opening galleries and auctions to sell their art pieces. It is now easier than ever to put your art piece online and receive your profit easily and quickly.

Should you have an NFT:

Just like any other crypto-currency, it’s always risky to purchase an NFT for millions of dollars and then not be able to sell it the next day for one dollar. Thus, the investment in an NFT can’t be guaranteed to be a profitable one, and could be purchased only for the thrill of keeping up with the latest trends. But just like any investment, risks are there, make sure you do enough research before proceeding, and keep some cash on the side in case the value of the NFT you choose goes down to zero!


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