You’ll be able to include specifics such as a description of the work and suggested pricing. You’ll essentially upload your content to a marketplace then follow the instructions to turn it into an NFT. NFTs are also sold on marketplaces and the process can vary from platform to platform. If you’re curious and want to know more about what it’s like to purchase an NFT, we went ahead and bought one. Other fees can include the costs for converting dollars into ethereum (the currency most commonly used to buy NFTs) and closing expenses. Some marketplaces charge a “gas” fee, which is the energy required to complete the transaction on the blockchain. You’ll need to decide what marketplace to buy from, what type of digital wallet is required to store it and what kind of cryptocurrency you’ll need to complete the sale.īut be wary of fees. But there are a few things to consider when buying one, especially if you’re a newbie. NFTs are typically used to buy and sell digital artwork and can take the form of GIFs, tweets, virtual trading cards, images of physical objects, video game skins, virtual real estate and more.Įssentially, any digital image can be purchased as an NFT. Think of Pokémon cards, rare coins or a limited-edition pair of Jordans: NFTs create scarcity among otherwise infinitely available assets - and there’s even a certificate of authenticity to prove it. NFTs, on the other hand, are unique and not mutually interchangeable, which means no two NFTs are the same. Representation of cryptocurrencies are seen in this illustration photo taken in Krakow, Poland on September 28, 2021. Unlike NFTs, those assets are fungible, meaning they can be replaced or exchanged with another identical one of the same value, much like a dollar bill. Non-fungible tokens, or NFTs, are pieces of digital content linked to the blockchain, the digital database underpinning cryptocurrencies such as bitcoin and ethereum. The recent headline price records for NFTs seem to have been largely driven by newly minted crypto millionaires and billionaires looking to diversify their bitcoin holdings and more interest to the crypto ecosystem.” “Others are intrigued by the idea of taking a digital asset that anyone can copy and claiming ownership of it. “Some of that interest is from people who enjoy supporting the work of independent creators by purchasing their works,” Artsy CEO Mike Steib told CNN Business. So why is the NFT phenomenon taking off now? CryptoKitties, a digital trading game on the cryptocurrency platform Ethereum, was one of the original NFTs, allowing people to purchase and sell virtual cats that were both unique and stored on the blockchain.
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