FAQ

Frequently Asked Questions:

What is an NFT?

An NFT, also known as a non-fungible token, is a non-transferable unit of data that may be sold and traded on a blockchain, a type of digital ledger.

What's the connection between NFTs and cyptocurrency?

Although NFTs are not cryptocurrencies, they are built on the same technology as Ethereum and Bitcoin. NFTs are also based on a blockchain, similar to cryptocurrencies, which confirms their unique identification and ownership. The blockchain also keeps track of all the transactions associated with the NFT as well as the property it repressents. The Ethereum blockchain is home to a large number of NFTs.

Are NFTs the future of art and collectibles?

It varies depending on who you ask. NFTs appeal to artists, musicians, athletes, celebrities, and others because they provide a fresh and unique opportunity for them to sell their commodities (including GIFs, memes, and tweets) directly to fans. NFTs also allow artists to program in future royalties if the property is sold to a new owner. Galleries perceive an opportunity to connect with a new generation of collectors.