Want to make money? Maybe it’s time to create or buy or sell NFTs. Many entrepreneurs in the Philadelphia area are doing this. But before you jump in, there are few things you should know.
An NFT stands for Non-Fungible Token. This is an interchangeable unit of data which is stored on the blockchain, a digital ledger where every transaction must be verified by multiple sources which guarantees the fidelity and security of a record of data and generates trust without the need for a trusted third party. When your digital asset – like a photo or video – has its own NFT, you’re telling the world that it’s one-of-a-kind and can be bought and sold like any unique piece of art.
Thanks to the blockchain, an enormous market of digital art has suddenly materialized over just the past few years. How enormous? The market is now at $40 billion, according to new research, and it’s expected to double in size in just the next few years.
NFTs are now being sold by celebrities like Snoop Dogg, Ellen DeGeneres and Eminem. But more importantly, digital art marketplaces like OpenSea (which was
