NFTs

Basic Information about NFTs

What are NFTs?

NFTs are designed as way for digital files to be secured in a way that ensure ownership and create scarcity. Like physical art an NFT can be sold but the artist can retain the copyright, or they can offer it to the buyer, or decide the on a percentage of secondary sales an owner can have.

What are NFTs used for?

Essentially, NFTs can represent any form of digital file, whether that's a jpeg of a piece of art, a video, or even real estate. Turning these files into 'tokens' and securing them on a blockchain make buying, selling and trading these files efficient and reduce fraud.

How do NFTs and crypto connect?

NFTs are also called non-fungible tokens, and they are blockchain-held tokens that represent a unique asset – whether physical or digital. NFTs are secured on cryptocurrency blockchains, trading using Ethereum, Polygon, Solana, Wax and other tokens. This means they are tied to the ebb and flow of cryptocurrency values, which is a positive and a negative.