NFTs

An NFT, or non-fungible token, is a unique unit of data that uses technology to register and authenticate digital content, such as films, music, and photographs, on cryptocurrency blockchains, particularly Ethereum. Every transaction from transfers to sales is recorded on-chain once content is entered onto the blockchain, producing an easily accessible trail of provenance and pricing history.

The most significant consequence of NFTs is that they make it simple to own and sell digital material. Digital artists could formerly create significant social media followings, attract freelance commercial work, and maybe sell prints and other items with their designs, but they had difficulty directly monetizing digital art, as customers wondered, “Why should I purchase something I can screenshot for free?”

Typically, makers (or, if you prefer, artists) will sell their work on an NFT marketplace, such as OpenSea, SuperRare, Nifty Gateway, Foundation, and others. The act of minting is the creation of an NFT, which is a smart contract that is kept on the blockchain. The smart contract includes a lot of useful information, such as the name of the work’s creator and guarantees that the creator, or other parties, earn royalties each time the NFT is sold.

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