Unless you’ve been living under a rock, you’ve likely heard the term NFT thrown around a lot recently. Maybe you’ve been too shy or embarrassed to ask your friends what an NFT is, or you’ve Googled the topic to no avail. In this post, we’ll break down exactly what an NFT is.
What Is an NFT?
Non-fungible tokens, or NFTs for short, are digital assets that represent real-world objects, such as art, music, and other in-game videos on the blockchain. These digital assets are purchased and sold online, usually with crypto.
Other types of NFTs available for purchase include:
- NBA virtual trading cards
- Music clips
- Video art
- Virtual real estate
- Virtual fashion
- Domain names
Similar to other forms of traditional artwork, NFTs are meant to be displayed and admired for their one-of-a-kind design and quality. They are a unique type of investing because they function as a token that represents ownership of objects in the physical and digital spaces.
Investors like NFTs because they can own something that nobody else has. Artists like them because the digital contract gives them more control and ownership — there’s no gallery or curator taking 40% of their profits.
NFTs and cryptocurrencies have sparked the incredible adoption of digital ownership, Web3. Not only will you own digital assets, but you will also have an undeniable record of ownership powered by the blockchain.
You can buy and sell NFTs on a number of platforms, including Zora, Opensea, Decentraland, NBA Top Shot, Cryptokitties, and Coinbase. You can also buy and sell them using a simple crypto wallet.
How Do NFTs Work?
NFTs essentially transform digital artwork and other collectibles into unique and verifiable digital assets that you can trade on the NFT market or blockchain. Instead of throwing away your ticket to the Taylor Swift concert or Super Bowl, Web3 proponents believe that in the future, all tickets to major events will be NFTs that you can choose to proudly display on the blockchain or sell and/or trade for money.
Most NFTs come with their own personalized details, such as ownership information, and transaction details that are stored in the NFT’s smart contract. The creator of the NFT may also add their identity, links to files, and much more to their NFT.
If you’re interested in collecting NFTs, you will need a digital wallet where you can display your NFT collection and keep it safe.
Win NFTs with Tokened
Did you know that you don’t have to dole out thousands of real-world dollars or cryptocurrency coins to get NFTs? Tokened allows you to win NFTs! Most only fantasize about being able to own projects with these properties considering their significant floor prices. That’s where Tokened comes in — you gain access to the most exclusive NFT projects. Imagine digital assets with the strongest communities and most valuable utility. Now is your chance to get involved with NFTs at the highest level. Enter to win today!