About
What Is an NFT & How Does It Work
Unique Digital Ownership
NFTs represent one-of-a-kind digital items (like art, music, or collectibles) stored on a blockchain, proving ownership and authenticity. Unlike cryptocurrencies (e.g., Bitcoin), each NFT has distinct data, making it non-interchangeable.
Blockchain-Based
NFTs are recorded on a blockchain (often Ethereum), a decentralized digital ledger. This ensures transparency, security, and immutability of ownership records, so no one can fake or duplicate an NFT’s ownership.
Use Cases
NFTs are used for digital art, virtual real estate, gaming items, music, or event tickets. They allow creators to sell directly to buyers, often with royalties programmed for future sales.
Value and Market
The value of an NFT comes from its uniqueness, creator reputation, and demand. They’re bought/sold on marketplaces like OpenSea. Prices can range from a few dollars to millions, but they’re volatile.
Criticisms and Risks
NFTs face concerns over environmental impact (due to energy-intensive blockchains), speculative pricing, and potential scams. Ownership of an NFT doesn’t always include copyright or physical rights.
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