NFTs Explained

Learn all you need to know about NFTs: What they are, why they’ve become so popular and how to make one!

With all the recent Blockchain hype NFTs have risen as a new form of digital collectable that is receiving a lot of attention and investment. They represent art and music and cards and almost anything that can be somehow registered in a digital format.

But what exactly is an NFT, how can we make or purchase one, and why exactly are they selling for sometimes millions of dollars? Lets find out!

First, what does NFT even mean?

NFT stands for Non-Fungible Token. An asset that is fungible is something that can be traded for something that is exactly the same as it, for example a dollar or an euro. All 100$ notes have exactly the same value and are, in principle, indistinguishable from each other.

A Non-Fungible asset is one that is unique, and that can’t be traded 1 on 1 for another good that is exactly the same as the original one. For example, a unique playing card, a house, or a painting by a famous artist.

Also, their value can be expressed in terms of other assets: this original Picasso is worth 10M$, but there is no other Picasso that is exactly the same as it in the world for which it can be…