What are NFTs?

NFT in a general sense sense stands for Non-Fungible Tokens, which essentially means that these tokens aren’t interchangeable. In a sense of crypto, every token is itself unique and carries its own specific characteristics. The only thing common amongst these tokens is that they are all bought using cryptocurrencies. Buying a crypto NFT means, you are buying that one masterpiece and hence the reason many of these NFTs usually go for exorbitant prices. Once you own an NFT, you are obviously free to sell it to anyone for any amount you see fit. Once you buy an NFT, you get a unique blockchain token which is non-reproducible which in-turn makes your NFT one of a kind. And no, you cannot own an NFT by screenshotting it, it’s essentially like taking a picture of Mona Lisa,

The most common type of NFTs at the moment are images and they have been selling for over a million dollars. The most expensive NFT sold so far is the Beeple, Everydays which was sold for a total of $69 million in March 2021.

Beeple, Everydays Everydays: the First 5000 Days

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