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NFT
Your entry into the world of NFT (Non fungible token)
WHAT ARE NFT Token?
In order to be able to explain what Non-Fungible Tokens are, we need to break down the words that compose it:
Fungible: this word represents a property, and gives something interchangeability. An example would be a 1-Dollar-bill, since you can exchange each 1-Dollar-bill with another 1-Dollar-bill without changing the value.
Token: cryptocurrency tokens are cryptocurrency assets, that represent something other than a monetary value. An example would be loyalty points, ownership of something else…Think of it as a stock, but instead of having ownership in a company, it can be ownership in anything else.
NFTs are basically digital ownerships tokens, that run on blockchains that support smart-contracts, such as Ethereum. Their non-fungibility is similar to real-world contracts, where you can’t trade one contract to another, because the “actual content” differs from each other.
WHY THE HYPE?
In today’s fast-moving cryptocurrency sphere, many concepts and applications are constantly evolving. Digital assets and their classifications are evolving right alongside cryptographic and blockchain technology.
For Non-Fungible Tokens, real-world applications of smart-contracts lie ahead. With cryptocurrencies such as Bitcoin being used to transfer monetary value, NFTs are used to transfer digital ownership. That’s why you can’t divide NFTs the same way you would do with Bitcoins, like for example sending 0.5 Bitcoins, as sending half a contract or half an entrance ticket wouldn’t make much sense.
Where can I buy NFT? We have picked out the best market places for you!
All of these marketplaces are reputable and have established themselves as reliable marketplaces since their inception.
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What types of NFTs are there anyway?
NFTs can theoretically map any physical or virtual object. For example, there are collectibles (trading cards), virtual real estate, but also digital art. On this page you can find the most important projects.
Collectibles
It all started with these projects. Already a few years ago, the “Cryptokitties” really took off. These are virtual cats that sold for more than $300,000 each. Currently popular are the “Cyptopunks”, virtual trading cards.
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Virtual worlds
Like Minecraft or Monopoly on the blockchain and with real money. These NFTs represent mostly virtual land ownership or real estate ownership in popular video games. As in real life, players pay the owner for the use of the virtual land or real estate.
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Digital art
These are virtual art images, artworks, or even music albums whose ownership is represented by the NFT token.
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