📚What is an NFT?

What is an NFT?

A Non-Fungible Token (NFT) is a digital collectible that is indivisible and unique. One NFT cannot be interchanged with another NFT and the whole cannot be broken down into smaller parts and used. They act as a non-duplicable digital certificate of ownership for any assigned digital asset. NFTs are useful for proving the scarcity and provenance of rare assets.

While a digital file can be copied as many times as you want, NFTs are designed to give ownership of the work. For example, anyone can buy a print of a painting, but only one person can own the original. In the case of CryptoMemories our NFTs are like owning a Ferrari - limited but serial and have unique configurations and perks.

That doesn’t make it any clearer?!

Right, sorry. “Non-fungible” more or less means that it’s unique and can’t be replaced with something else. For example, a bitcoin is fungible — trade one for another bitcoin, and you’ll have the same thing. A one-of-a-kind trading card, however, is non-fungible. If you traded it for a different card, you’d have something completely different. You gave up a Squirtle, and got a 1909 T206 Honus Wagner, which StadiumTalk calls “the Mona Lisa of baseball cards.”

Do people think this will become like art collecting?

I’m sure some people hope so — like whoever paid almost $390,000 for a 50-second video by Grimes or the person who paid $6.6 million for a video by Beeple. Actually, one of Beeple’s pieces was auctioned at Christie’s, the famou

Sorry, I was busy right-clicking on that Beeple video and downloading the same file the person paid millions of dollars for.

Wow, rude. But yeah, that’s where it gets a bit awkward. You can copy a digital file as many times as you want, including the art that’s included with an NFT.

But NFTs are designed to give you something that can’t be copied: ownership of the work (though the artist can still retain the copyright and reproduction rights, just like with physical artwork). To put it in terms of physical art collecting: anyone can buy a Monet print. But only one person can own the original.

What’s the point of NFTs?

Ah, okay, yes. NFTs can work like any other speculative asset, where you buy it and hope that the value of it goes up one day, so you can sell it for a profit. I feel kind of dirty for talking about that, though.

One of the obvious benefits of buying art is it lets you financially support artists you like, and that’s true with NFTs (which are way trendier than, like, Telegram stickers). Buying an NFT also usually gets you some basic usage rights, like being able to post the image online or set it as your profile picture. Plus, of course, there are bragging rights that you own the art, with a blockchain entry to back it up.

Who would pay hundreds of thousands of dollars for what basically amounts to a trading card?Well, that’s part of what makes NFTs so messy. Some people treat them like they’re the future of fine art collecting (read: as a playground for the mega-rich), and some people treat them like Pokémon cards (where they’re accessible to normal people but also a playground for the mega-rich).

Source: StarAtlas and https://www.theverge.com/22310188/nft-explainer-what-is-blockchain-crypto-art-faq

If you prefer video format, we recommend the video of Finematics about NFT-s

About the NFT market

The demand for NFTs is continuing to surge and the NFT market is showing no signs of slowing down. Year-to-date, within less than three months, the combined market cap of major NFT projects has increased by 1,785%

The NFT market is still in its early stage but growing rapidly. Lot of big names and companies are building on it, so obviously it is here to stay with us. If you missed Bitcoin, you have a new chance now with NFT-s. The only question is with or without you?!

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