What is NFT ... how does it work?
Non-fungible tokens (NFT) are digital assets that
represent a wide range of unique tangible and
intangible items.
Unlike regular cryptocurrencies, NFTs cannot
be directly exchanged with one another. This is
because no two NFTs are identical – even those
that exist on the same platform, game or in the
same collection. Think of them as festival tickets.
Each ticket contains specific information including
the purchaser’s name, the date of the event and
the venue. This data makes it impossible for
festival tickets to be traded with one another.
Crypto Art is related to blockchain technology.
Emerging as a niche genre of artistic work following
the development of blockchain networks such as
Bitcoin and Ethereum in the mid to late 2010s,
crypto art quickly grew in popularity in large part
because of the unprecedented ability afforded by
the underlying technology for purely digital artworks
to be bought, sold, or collected by anyone in a
decentralized manner.