What are NFTs: and how do they work
Non-fungible tokens is a growing market accounting for millions, which represent a wide range of unique tangible and intangible items, from collectible sports cards to virtual real estate and even digital sneakers or anything you want
One of the main benefits of owning a NFT versus a physical collectible item or rare minted coin is that each NFT contains distinguishing information that makes it both distinct from any other NFT and easily verifiable and immutable. This makes the development, creation and circulation of fake collectibles pointless because each item can be traced back to the original issuer.
Unlike regular cryptocurrencies which are fungible, NFTs cannot be directly exchanged with one another. This is because no two NFTs can be same and even those that exist on the same platform, game or in the same collection sphere will have different attributes. Think of them as a music tickets. Each ticket contains specific information counting the purchaser’s name, the date of the event and its venue. This data makes it impractical for tickets to be traded with each other.
Majority NFT's are deployed on Ethereum token standards which are ERC-721 & ERC-1155 which can also be interoperable with some other blockchains and can be easily stored in your wallets
Non-fungible tokens, or NFTs, are very unique crypto assets. They can be used to represent both tangible and intangible items. A tangible product is a physical object that can be touched such as a building, gadget, etc whereas an intangible product can only be perceived indirectly. Fungibility is the ability of an asset to be interchanged for another of an alike item for example gold, dollar, bitcoin,etc. Non- fungibility is the ability of an asset which is irreplaceable or is unique. A non-fungible token is attached to a digital certificate of authenticity and credibility that you own something collectively known in the blockchain. It keeps a record of your transaction in the hashes and blocks. Beeple is one of the popular names emerging in the NFTs sphere.
For a general user there are now platforms where your own art can be submitted to create your very own NFT and further it can be minted and sold in the market place like Opensea