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If you use social media, by and large, you would have certainly noticed the growing interest in NFTs, or “non-fungible tokens,” as a means of buying and selling digital artwork. Aligned with the broader cryptocurrency push, NFTs have become the latest tech trend, with people paying thousands, if not millions, to own exclusive digital art, which many then post on their social profiles.
It has become a form of crowd credibility, even prestige, in some ways. But for those looking from the outside, it can be difficult to understand how NFTs actually work and how they apply to the larger digital connection space.
As a basic definition, “non-fungible” means unique, a token that cannot be exchanged for anything else. There’s only one NFT being sold, which then gives digital artists a new way to sell their work and track subsequent usage.
With NFTs, which are bought and sold through the blockchain, beneficial ownership of each coin is traceable for the first time, changing the game for use and reuse, and bringing digital art closer to art trading. classic.
And with Instagram, Facebook, TikTok, and Twitter all looking to build on this trend, you can expect to see a lot more on the NFT front spreading through your social media feeds. As such, it’s probably worth your while to learn more, that’s what this insight from the Expensivity team is for.
The infographic below describes the basics of NFTs, helping to paint a clearer picture of how they work and what they mean in the rapidly evolving digital eco-sphere.
Perhaps this will lead you to invest in your first digital coin.
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