NFTs, or non-fungible tokens, have been sweeping the digital space over the past few months. It is a fusion of many things that excite a generation which has grown up with digital technology at its fingertips. It involves cryptocurrency, virtual reality, and a good dose of social media frenzy. NFTs by many big names as well as entrepreneurs have fuelled hundreds of millions of dollars in online transaction and are recorded on the blockchain technology. But why is so much money being spent on things that exist only virtually? Allow us break it down for you. What is an NFT? An NFT is a digital asset, or a unit of data stored in a digital ledger called a blockchain . NFTs are the digital version of real-world physical assets like a painting, game, music album, collectible sports cards, or even a meme. Anyone can their monetise skill and talent by selling their creations online as an NFT. These assets are bought and sold using cryptocurrency , as they are encoded with similar software, simplifying the transaction process. While NFTs may seem like a buzzword that appears to have come into the forefront out of nowhere, they have been around since… Read full this story
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