What are NFTs and How Do They Work?
You may have heard about a new craze sweeping the internet called NFTs. But what are they, and how do they work? Below, we’ll take a look at what NFTs are, how they work, and some of the potential implications of this new technology, and later on to the blog, we’ll take a look at the top 3 NFTs to mint this coming Holidays.
NFTs, or non-fungible tokens, are a type of cryptocurrency that represents a unique asset. Unlike fungible tokens like Bitcoin or Ethereum, which can be divided into smaller units or exchanged for other assets, NFTs cannot be divided or exchanged. Each NFT is a one-of-a-kind asset with its own blockchain-based record of ownership.
NFTs have been used to represent everything from digital art to in-game items to tweets. The possibilities are endless! Because NFTs are stored on the blockchain, they can be bought, sold, or traded like any other cryptocurrency. However, because each NFT is unique, their value can vary widely.
What Makes an NFT Valuable?
So, what makes an NFT valuable? There are a few factors that…