What are NFTs

Good to know: Interest in NFTs began mostly with the art industry. It provides access to a market that was otherwise out of reach of the artist.

You, as the buyer could financially support artists, while enjoying the usual bragging rights, of you owning the art (with a blockchain entry to back it up). Buying an NFT also usually gets you some basic usage rights, like being able to post the image online or set it as your profile picture.

NFTs provide collectors / investors with a safe haven for their collection.

A Non-Fungible Token (NFT) is used to identify something or someone in a unique way. This type of Token is suitable for use on platforms that offer collectible items, access keys, lottery tickets, numbered seats for concerts and sports matches, etc. This special type of Token has amazing possibilities so it deserves a proper Standard. The ERC-721 came to solve that!

NFTs really became technically possible when the Ethereum blockchain added support for them as part of a new standard. Every NFT is a unique token on the blockchain.

Technically anything digital could be sold as an NFT

Last updated