Saad Sheikh What is an NFT?

Saad Sheikh What is an NFT?

Non-fungible tokens (NFTs), a type of digital asset, have skyrocketed in popularity this year, with NFT artworks selling for millions of dollars. 

Saad Sheikh Although they have been around since 2014, NFTs are now gaining prominence as they become an increasingly popular way to buy and sell digital art.

Saad Sheikh What is an NFT?

   
NFTs are commonly used to buy and sell digital art, and can take the form of GIFs, tweets, virtual stickers, physical images, video game skins, virtual real estate, and more. 

Saad Sheikh All kinds of digital products—images, videos, music, text, and even tweets—can be bought and sold as NFTs. NFTs can be used to commoditize digital creations, such as digital art, video game elements, and music files.
    
Just as valuable antiques come with documents to verify, NFTs provide proof of ownership of the digital equivalent of the “original”. 


Saad Sheikh NFT in United Kingdom

 

In much the same way that art reproductions of the original are made, used, bought and sold, NFT copies are still valid parts of the blockchain, but will not have the same value as the original.
    
Saad Sheikh But keep in mind that when you buy an NFT, you usually don't get a copyright or trademark. And just because you have an NFT doesn't mean there aren't an infinite number of other versions of the thing on the Internet. However, NFT enthusiasts say that owning a piece of code on the blockchain has proven to be incredibly valuable.

Location: United Kingdom

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