NFTs in simple terms or words: NFTs A non-fungible token, or NFT, is a digital asset that symbolizes a physical item, such as the Charlie Bit My Finger film, which sold for £500,000 in May. NFTs are often encoded using the same underlying software as many crypto currencies and are purchased and traded online, often with cryptocurrency. Click here for more info on NFTs Despite the fact that they've been there since 2014, NFTs are gaining popularity currently as a popular means to buy and sell digital artwork. Since November 2017, a stunning £123 million has been spent on NFTs. NFTs are likewise one-of-a-kind, or at the very least one of a very small run, and contain unique identification codes. "Essentially, NFTs generate digital scarcity," explains Arry Yu, managing director of Yellow Umbrella Ventures and head of the Washington Technology Industry Association's Cascadia Blockchain Council. This is in sharp contrast to the vast majority of digital products, which are ...
Comments
Post a Comment