What On Earth Are NFTs & How Do They Work? Here's What You Need To Know
If you've been hearing recent buzz about digital art, you're probably asking yourself "what are NFTs?" Don't worry, you're not alone.
Celebrities have been selling digital assets called NFTs, short for Non-Fungible Tokens, and it's generating some serious buzz.
Editor's Choice: Microsoft Has Hundreds Of Jobs Available In Canada & You Only Need A Bachelor's For Some
Non-Fungible means something can't be replaced by anything else as it is the authentic, original version of a digital asset.
An NFT can still be copied, downloaded, and shared by others online, but actual ownership is tracked and stored on a blockchain, more or less the same way cryptocurrencies work. What you’re buying, essentially, is proof of ownership. For instance, Lindsay Lohan sold a digital photo of her face for $17,000, and someone else sold a spinning gold gummy bear skeleton for $1 million.
This could be the future of art or it could be a trend. Regardless, celebrities, influencers, and average Joes like you and me have been hopping on the bandwagon and betting some big money on NFTs.
- Here's How You Can Buy NFT Art On OpenSea - Narcity ›
- Here's How You Can Bid On Narcity's Second NFT On OpenSea - Narcity ›
- Narcity's First NFT By Camyl Buenaventura Sold To M.I.A.'s Relative - Narcity ›
- Narcity's First NFT By Camyl Buenaventura Sold To M.I.A.'s Relative - Narcity ›
- The Final NFT In Our Back To The City Collection Highlights The Vibrancy Of Montreal - Narcity ›
- Thieves Stole An Art Dealer's $2.2M Collection of NFT Apes & Twitter Was Not Kind About It - Narcity ›
- Canadian Cash Back App Drop Is Giving Away $25K Worth Of NFTs & Here's How To Enter ›
- 6 Things I Wish I'd Known Before I Got Into Crypto & Started Flipping NFTs - Narcity ›