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NFT, short for Non Fungible Token is a unit of data stored on a digital ledger called the blockchain. NFTs are currently taking the digital art and collectibles world by storm. Digital artists are seeing their lives change thanks to huge sales to a new crypto-audience.
They can represent any real world objects like art, music albums, sneakers, you name it. It uses the same kind programming as cryptocurrency, like Bitcoin. At present a majority of NFTs are stored on a blockchain called Ethereum. Bitcoin has a blockchain of itself but it isn’t NFT compatible.
NFTs have some special properties:
• Each token minted has a unique identifier.
• They’re not directly interchangeable with other tokens 1:1. For example 1 ETH is exactly the same as another ETH. This isn’t the case with NFTs.
• Each token has an owner and this information is easily verifiable.
• They are live on Ethereum and can be bought and sold on any Ethereum-based NFT market.
If you’re keen to start your own NFT collection, you’ll need to acquire some key items:
• First, you’ll need to get a digital wallet that allows you to store NFTs and cryptocurrencies.
• You’ll likely need to purchase some cryptocurrency, like Ether (crypto of Ethereum blockchain), depending on what currencies your NFT provider accepts.