What are NFTs? What do you need to know about non-fungible tokens?

What are NFTs?

Non-fungible — what does that mean?

How do NFTs work?

NFT special properties (wait…. they sound weirdly like trading cards now)

  • Every NFT has a unique identifier. If the NFT is minted on the Ethereum blockchain, the unique identifier is directly linked to one Ethereum address.
  • An NFT will not be directly interchangeable with other tokens 1:1. As an example, 1 bitcoin is exactly the same as another bitcoin. That’s not true with NFTs. That’s where the whole concept of non-fungibility comes in.
  • Every NFT has an owner. The ownership of the NFT can be traced and verified rather easily.

What’s the point of NFTs anyways?

What can you do with your NFTs?

Buying NFTs

  • OpenSeaThis is the first NFT marketplace to have ever opened up and is the largest NFT marketplace today.
  • Nifty GatewayThis marketplace focuses on making NFTs accessible to everyone. Their mission is to have 1 billion people collecting NFTs. It’s a USD based marketplace to buy and sell NFTs.
  • FoundationThis marketplace requires creators to be invited by other creators who are already part of the marketplace.
  • RaribleThis focuses on digital art and has its own RARI token to reward members.
  • SuperrareThis marketplace is heavy on curating and offering digital art.

How is the scarcity of an NFT determined?

Are NFTs a good investment?

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