What actually is a NFT?

An NFT, or non-fungible token, is a unique unit of data that uses technology to log and authenticate digital content, such as films, songs, and photographs, on cryptocurrency blockchains, primarily Ethereum.

What’s the difference Between NFTs and Crypto?

An NFT is a one-of-a-kind digital token that uses the Ethereum blockchain to record transactions digitally. It's not a fungible cryptocurrency like bitcoin or ether, which can be exchanged for another bitcoin or cash.

Are all NFTs expensive?

So, why are NFTs on Ether so expensive? Keep in mind that each NFT is one-of-a-kind and serves as a collector's item that cannot be copied, making them uncommon and one-of-a-kind by design. Rarity makes them scarce, and when items are scarce, prices tend to rise.

What is Ownership in NFTs?

NFTs are digital tokens that can be used to indicate ownership of one-of-a-kind goods. They enable us to tokenize items such as artwork, collectibles, and even real estate. They can only have one official owner at a time, and they're protected by the Ethereum blockchain, which means no one can change the ownership record or create a new NFT.