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What are NFTs?

Did you hear about that digital artwork purchased for $69.3 million USD? The one by Beeple, named Everydays: the First 5000 Days? No? Well, Beeple’s artwork is receiving tons of buzz as the world opens its eyes to a new way of ownership.

What is an NFT:

An NFT, which stands for non-fungible token, is a method of verifying digital collectibles and works by linking them to blockchain. Blockchain technology is used in cryptocurrency to provide for more secure transactions.

A physical painting has features that make it identifiable if it is real or fake. However, things get more complicated in the digital world. An NFT can protect digital works since only the owner will have the NFT even if those digital works are copied and distributed. It lets people know what’s the real deal.

Examples of NFTs:

Anyone can create NFTs. You just need some ethereum, another type of cryptocurrency, and access to an NFT marketplace.

Some examples include:

  • Everydays: the First 5000 Days by Beeple

  • Jack Dorsey’s first Tweet on Twitter

  • Video clip of LeBron James slam dunking

  • Nyan Cat GIF

How to Buy and Sell:

Now, you might be wondering how you can profit from owning NFTs. Generally speaking, any digital image online can be bought as an NFT. However, you’ll need to figure out what type of cryptocurrency to buy, which marketplace to buy or sell, and what type of digital wallet to store your NFT.

To sell NFTs, you also need to pick a marketplace to upload the digital content onto and follow the instructions.

While NFTs are a booming world, be careful of fees and do your research.

Written by Allie Chang

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