What is an NFT ?

“Non Fungible Token” or NFT uses blockchain technology to certify the authenticity and ownership of a specific and unique digital object.

In economics, fungibility is the property of a good or a commodity whose individual units are essentially interchangeable. Each of those parts is indistinguishable from another part. Non fungible means that it’s unique. You can’t replace an NFT with something else.

An Euro is interchangeable with other Euro. It’s the same for cryptocurrencies but an NFT works differently.

Thanks to the blockchain, NFTs are cryptographic assets with unique identification codes. You can’t exchange them like cryptocurrencies. They represent real-world items. They are shaking up the art world.

What are NFTs used for ?

There are many options to use “Non Fungilble Tokens”.

The New York Times wrote an article for the sell of “Everydays“. Do you know the price? The artist, known as Beeple, set a record for a digital artwork in a sale at Christie’s for 69,3 million dollars!

How to buy and sell NFTs ?

You need to choose the marketplace.

In order to buy NFTs, you have to establish a digital wallet to store your cryptocurrencies. After that, you can purchase them on the Ethereum network.

Some marketplaces charge a “gas” fee. To complete the transaction on the blockchain, you need energy.

In conclusion, anyone can create an NFT. For example, you need a digital wallet, a purchase of ethereum and an NFT marketplace.