New to Web3? No problem. Additional reading below.
What is an NFT?
An NFT is a non-fungible token. NFTs are digital assets with a unique digital code. that represents a digital asset. It could be digital art or music, for example. An NFT is secured and stored on a public blockchain. One token is not interchangeable for another, and a token cannot be further divided.
Why Would I Create an NFT?
Anyone can invest in NFTs. Acquiring an NFT allow someone to own the original copy of a digital file in the same way you might own the original copy of a piece of physical art. A person paid almost $390,000 for a 50-second video by Grimes. Another person paid $6.6 million for a video by Beeple. But, NFTs don't always have to be expensive. They vary in price, and can actually increase in price over time, like many works of art.
NFTs are not just art. Many physical assets are now being minted as NFTs too, including deeds, intellectual property, titles, and more. If someone sells an NFT they could earn perpetual royalties every time that NFT is resold in the future. This is made possible by smart contracts associated with the NFT.
Has the NFT "Bubble" busted?
NFT sales and valuations continue to rise and many communities surrounding NFTs are growing in popularity. NFTs will probably forever change the way we think about assets.
What's the point of NFTs anyway?
More and more use cases are emerging for NFTs. Certainly some of the original purposes were to support the artists, creatives, and musicians you enjoy. Some people prefer NFTs for investment purposes and earn incredible profits from flipping NFTs. Many NFT projects include "off-chain" benefits like access to events or influencers. Some NFTs serve as verified certificates and badges that represent academic or professional achievements.
How do I learn more about Web3?
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Disclaimer: Our content is not intended as, and shall not be understood or construed as, financial advice. The Blockchain Life are not financial advisors. The information we provide is to be used for educational purposes only. We’ve made sure that the content and resources provided are accurate and provide valuable information. You must do your own analysis before making any investment based on your own personal circumstances or take independent financial advice from a professional.