What are NFT’s?
A NFT (Non-fungible token) is a unit of data stored on a digital ledger called a blockchain. A NFT can be associated with a particular digital or physical asset (such as a file or a physical object) which can be sold and traded. Most NFTs are part of the Ethereum blockchain. Ethereum is a cryptocurrency, like bitcoin, Shiba Inu, or dogecoin, but its blockchain also supports these NFTs, which store extra information that makes them work differently.
NFTs, are unique and not mutually interchangeable, which means no two NFTs are the same. It also means that each NFT can be correctly verified on the blockchain for ownership and authenticity.
Why buy a NFT?
Unlike physical art an NFT can be taken anywhere and shown at any time, they can be sold or traded instantly. With a NFT the value is not just in the art and the artist but in the contract that is attached to the item, proving its authenticity. Effectively it is like having the artist Certificate of Authenticity with the image at all times.
Some may ask “why buy a NFT when I can just take a screen shot?” Simply put, the proof of ownership and authenticity. Many people around the world have screen shots or prints of Van Gogh’s “The Starry Night” but there is only one original that has value.