All About NFT

-Siddhant Taware

There’s nothing like an explosion of blockchain news to leave you thinking, “Um… what’s going on here?” 

What is an NFT?

Non-fungible” more or less means that it’s unique and can’t be replaced with something else. For example, a bitcoin is fungible — trade one for another bitcoin, and you’ll have exactly the same thing. A one-of-a-kind trading card, however, is non-fungible. If you traded it for a different card, you’d have something completely different.

How do NFTs work?

At a very high level, most NFTs are part of the Ethereum blockchain. Ethereum is a cryptocurrency, like bitcoin or dogecoin, but its blockchain also supports these NFTs, which store extra information that makes them work differently from, say, an ETH coin. It is worth noting that other blockchains can implement their own versions of NFTs.

NFTs have blown up over recent times and for the moment, at least are being seen by many as the way digital art will be acquired and traded going forward. For collectors who believe that’s true, the escalating prices are nothing compared to what NFTs will be worth down the road, when the rest of the world has caught onto their value.

Beeple"Mike Winkelmann" sold his art for $69 mn.

Crazy value for a digital right!!??