If you’ve been thinking about investing in stocks, well, that’s pasśe! NFTs are the new thing in the market and have taken everyone by storm. Especially during the covid pandemic, the popularity of NFTs soared immensely. And it made a lot of us wonder – what exactly are these NFTs and how are they generating such mind-numbingly exceptional results? Let’s understand how to make a mark in the NFT world as an artist:
What are NFTs?
An NFT, also known as a Non-Fungible Token is a form of cryptocurrency. Just like other cryptocurrencies, NFTs, too, are powered by Blockchain technology. Blockchain is nothing but a public electronic ledger. To maintain transparency in the transactions, this ledger is shared within the network of users as well.
NFTs are a unique form of cryptocurrencies, as they are attached to a piece of any form of digital expression. Some of the most common and sensible NFTs that are currently trending in the market are art, music, video games, collectible items, memes, big sports moments, virtual fashion, domain names, and a whole range of miscellaneous online items.
Who Owns NFTs?
NFTs are tokens used to represent the ownership of unique, digitally created items. They are merely tokens of the digital expressions of different things. Also, NFTs can have only one owner at one time, and the ownership of NFTs is secured by the Ethereum blockchain. This also means that no one can create or modify or even copy-paste a new NFT into existence.
When you purchase an NFT, you become its owner. As simple as it sounds, there’s a catch. Take, for example, you buy an art NFT – it doesn’t mean you own the piece or the copyright to it. You merely own access to the NFT of the art piece.