What the heck is a NFT?
We know you’ve heard about it, maybe in passing, through a friend, or on the internet. But what the heck is this ‘NFT’ thing that people keep talking about?
Well we’re here to help answer just that. Read our article below for a short and sweet summary on exactly what an NFT is.
What does ‘NFT’ mean?
‘NFT’ stands for non-fungible token.
What the heck does non-fungible token mean?
The word ‘non-fungible’ means that it is unique and cannot be 1:1 replicated or replaced with something else. An $ADA is fungible as you can trade one for another $ADA as you would have the exact same thing. A unique one-of-a-kind piece is non-fungible. Trading for something else would give you something completely different. A real-life example would be trading a Pokémon card for a Yu-Gi-Oh card.
So how do NFTs work?
NFTs are apart of a crypto blockchain at a very high level meaning it has a blockchain that is supporting these NFTs. This means these pieces store extra information that makes them different from the crypto currency itself.
What can be an NFT?
You can add things like social links, update the image, description, and name by clicking ‘Edit’. You can also fine tune a secondary sales fee of up to 10% (commissions). Once you are happy with your edits select the ‘Submit Changes’ button.
Seriously…. Anything digital? I can make my old high school paper an NFT?
Technically – yes. When we say ‘anything digital’ we really mean anything digital. But finding a buyer for that might be a little harder.
What is the evolution of NFTs?
There is a lot of talk across the internet of NFTs becoming the evolution of fine art collecting in a digitized space, and there are many different routes and opportunities for the space to grow and evolve.
Read more articles on NFTs and the Cardano Blockchain