If you ask what is NFT? well, NFTs are assigned a kind of digital certificate of authenticity
Welcome to the new lifestyle, which, thanks to social networks and the internet, has turned us into digital consumers and generated and obtained new investment methods or, why not, new ways of spending our money.
This is how the NFT was born: art made money… or money made art? But what makes it more interesting is that it is 100% digital.
But before we get into this new investment method, let’s learn more about it.
First of all, what does the acronym NFT mean: Non-Fungible Token. Tokens are value units assigned to a business model, such as cryptocurrencies. And is that NFTs have a close relationship with cryptocurrencies, at least technologically.
And to go deeper, we must know that there are expendable and non-expandable goods. Fungible goods can be exchanged, having a value based on their number, size, or weight. And non-expendable goods are those that are not substitutable.
NFTs work through blockchain technology. Each block connects to a date and transaction data and is design resistant to data modification.
NFTs are assigned a kind of digital certificate of authenticity, a series of metadata that cannot be modified.
The starting value and all acquisitions and transactions that have been made are recorded, as well as its author.
If you buy a, you can track where it moves.
It’s like buying a painting.
Thanks to a well-known and popular technology, it is easy to trade them to buy and sell them using specific digital wallets. However, we are talking about unique works, so there is no active trading as in digital currencies.
But why now an NFT has so much attraction for the digital public?
It turns out that because it is a digital asset, the token that contains the NFT is like a cryptocurrency with a particular value that can vary. Like a good piece of art, it can be different from the original and its copies, and this token is inside an image.
That is why you can find NFTs for up to 260,000 Euros with the picture of just a rock. But what makes it more attractive is that its value in the future may be higher, which makes more people want to acquire more NFT, and thus it will become an art collection with a price tag inside.
Remember to exchange your currencies with with Foreign Currency and Coin Exchange.