Article by Forbes.com
What Are NFTs? So many of us wants to know what NFT stands for, so I did some reading and thought the short article posted on Forbes.com explained it nicely.
The NFT Craze Explained
In the art world, NFTs are currently speculative assets. Their existence dates back to about 2017 when they were first minted on the Ethereum blockchain. Since then, artists and art vendors have sold original NFT art (i.e., analog art media such as photos or paintings converted to digital and coded into a blockchain) for fiat dollars.
What started as a fringe hobby among blockchain enthusiasts is now a full-fledged industry powered mostly by speculative art buyers looking to turn a profit on their investments. However, a growing contingent of entrepreneurs are looking for ways to bring NFTs to market in original and lucrative ways.
Good news — you don’t have to be a digital artist to succeed as an NFT entrepreneur. Despite what you might assume, non-fungible tokens (NFTs) are not just for cryptoart. In fact, there are loads of applications for NFTs across a variety of industries.
Even though NFT artwork is selling for a fortune — the artist “Beeple” sold a piece at Christie’s auction house for $69.3 milion — it’s possible to make a fortune in other ways using NFTs. If you’re interested in launching an NFT company, I’ve got you covered. In this article, I’ll go over some ideas for starting a venture involving NFTs.
The essence of NFTs is that they’re non-fungible blockchain assets. By contrast, when you exchange one Bitcoin for another, you’re essentially retaining the same asset just as you would if you exchanged one dollar bill for another dollar bill. Since these assets are fungible, they can be traded one to one without losing any value or changing the nature of the asset.
NFTs are a different story. They are unique works that are codified on a blockchain and, therefore, cannot be modified or replicated. Since no two NFTs are the same, they cannot be traded on a one-to-one basis like fungible tokens or bank notes. Authors of artwork or other digital documents mint NFTs, which become the only verifiably original version of the work, with all other copies being just that: copies.null
More about NFT’s on forbes.com
I hope it gives you more clarity on NFT’s.
Thank you for reading and sharing
Zelda, founder of LEC Worldwide