4 Quick Facts About NFTs
A non-fungible token (NFT) is a type of crypto asset that uses blockchain technology to represent crypto art, digital collectibles, and much more
NFTs are not interchangeable
Unlike Bitcoin, NFTs are non-fungible assets, meaning that each NFT is unique. Bitcoin is a fungible asset because every unit of BTC is identical and has the same utility and value. But NFTs are more like collectible trading cards, where each card has a unique value and serial number.
NFTs aren’t just about digital art
The application of NFTs is not only limited to artwork. NFTs have also been used in the gaming and music industry or even in the metaverse. Blockchain technology can be used to tokenize game items, music files, and many other digital or real-world assets.
You can create your own NFTs
Minting an NFT is easier than you think. You can mint your NFT on websites like BakerySwap. All you need is some crypto to cover the gas fee and your imagination to get started.
The most expensive NFT cost nearly $70 million
Everydays: The First 5000 Days is a digital artwork by graphic designer Mike Winkelmann (better known as Beeple). It’s a collage of 5,000 Beeple’s artworks and was sold for $69.3 million in February 2021.
