Introduction to NFT

NFT stands for Non-Fungible Tokens (NFT) and are typically created using the same kind of programming used for cryptocurrencies. Simply put, these crypto assets are based on blockchain technology. It cannot be exchanged or traded in a comparable manner with other crypto assets.

Like Bitcoin and Ethereum. The term NFT clearly expresses that it has unique properties and cannot be replaced or exchanged. Physical currency and cryptocurrency are interchangeable. That is, they can be traded or exchanged with each other.

What Is an NFT?
Image Credit : VOA

Most NFTs reside on the Ethereum cryptocurrency blockchain, a distributed public ledger that records transactions and they are individual tokens that store valuable information. They can be bought and sold like any other kind of physical art, as it has a value set largely by the market and demand. Proprietary NFT data facilitates verification and validation of ownership and transfer of tokens between holders.

Blockchain technology and NFTs offer artists and content creators a unique opportunity to monetize their products. For example, artists no longer have to rely on galleries and auction houses to sell their art. Alternatively, the artist can sell it directly to consumers as an NFT. This also allows consumers to keep most of their profits. Additionally, artists can schedule royalties to receive a portion of the sale each time their art is sold to a new owner. This is an attractive feature. This is because artists typically do not receive future earnings after their art is first sold.

Art isn’t the only way to make money with NFTs. Brands such as Charmin and Taco Bell are auctioning NFT-themed art to raise money for charity.

Even celebrities like Snoop Dogg and Lindsay Lohan have jumped on the NFT bandwagon, releasing memorabilia, artwork, and unique moments as securitized NFTs.

Let me finish this article as it’s getting long. I still want to talk about this in near future.





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