NFTs — everybody’s speaking about them, however what the hell are they? When you’re uninterested in the hype and simply need the information, you’re in the appropriate place. This information is all about slicing via the noise and providing you with the true deal on NFTs: what they’re, why they matter, and how one can spend money on them with out getting burned.
What Are NFTs, Actually?
Let’s begin with the fundamentals. NFT stands for Non-Fungible Token. Yeah, that’s a mouthful, however right here’s what it means in plain English: an NFT is a singular digital asset. Consider it like proudly owning a one-of-a-kind baseball card, however as a substitute of a bodily card, it’s a digital file that could possibly be something from artwork to music to digital actual property.
The important thing phrase right here is “non-fungible.” It signifies that, not like Bitcoin or {dollars}, that are interchangeable, NFTs are one-of-a-kind. You’ll be able to’t swap one NFT for one more and anticipate them to be the identical. Every one is exclusive, which is why some persons are keen to pay massive bucks for them.
Why Do NFTs Matter?
Now, you’re in all probability questioning, “Why ought to I care about NFTs?” Good query. Right here’s the deal: NFTs are altering the best way we take into consideration possession within the digital world. Earlier than NFTs, when you purchased digital artwork or music, you didn’t actually personal…
