NFTs Explained.
An NFT created by digital artist Beeple recently
took in more than $69 million at the
centuries-old auction house, Christie's.
The amount shatters records for the sale of digital art
and is an indicator of the direction in which
all fine art could be headed.
But what is an NFT? .
The letters stand for non-fungible token, which
basically means that the "token" cannot be replaced
by something else because of its uniqueness.
NFTs can take any digital form,
but what is making headlines
now are digital art NFTs.
Because they are designed to be unique
and not able to be copied, owning
an NFT is like owning an original Picasso.
Prints of Picasso paintings are inexpensive and easy
to get, but only one person can own the original,
which can sell for tens of millions of dollars.
An NFT creator will always be credited
and receive payment for the buying
and selling of their digital work...
... because most NFTs are an extension of
the Ethereum blockchain, and as such all
transactions are public and traceable