NFT is the acronym for Non-Fungible Token. On the etherium blockchain creators can tokenize their art into a string of alpha numeric code which is attributed to a single specific artwork. In laymen terms when you own a NFT you own an original digital assest that can only be owned by 1 person at a time. The owner of a NFT can then keep their NFT in their digital wallet or offer it up for sale on the blockchain for higher than what the NFT was originally purchased for.
What is a NFT?
How do I buy an NFT?
Purchasing NFTs is simple. All you need is a digital wallet which can be created on platforms like coinbase. You simply connect your bank account and buy some Etherium. You will use the Etherium to purchase the NFT. Etherium is an encrypted digital currency.
Why should I consider NFTs?
NFTs is an investment. For the first time in history digital art can be collected as if you owned an original piece of art. Since NFTs are 1 of 1's a single NFT is scarce and entertains the notion of supply & demand. Buying NFTs also supports your favorite artists and gives you the opportunity to enter into a unique relationship with the creator of the NFT.
The future of NFTs
With the recent acknowledgement of the major Art House Auctioneer, Christies sale of Digital Artist Beeples "5000 Everydays" selling for a whopping $69 million dollars, its safe to say NFT is here to stay and ushers in the new vast world of collecting digital art as an investment. Today platforms are becoming increasinly easier for new users to participate in the evolving world of blockchain technology and can start collecting and storing digital assessts right away.
The NFT energy usage myth debunked
There has been a lot of chatter in online forums and social media sites about cryptocurrencies impact on the environment. This is an excellent article on the subject which will put the NFT naysayers to rest: https://sterlingcrispin.blogspot.com/2021/02/crypto-art-sky-is-not-falling.html