What is NFT? Non-fungible tokens explained | CNN Business

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Non-fungible tokens, or NFTs, are the latest cryptocurrency phenomenon to go mainstream. And after Christie ’ mho auction house sold the first-ever NFT artwork — a collage of images by digital artist Beeple for a whopping $ 69.3 million — NFTs have abruptly captured the populace ’ randomness care.

So what are NFTs ?
In the simple terms, NFTs translate digital oeuvre of art and other collectibles into one-of-a-kind, verifiable assets that are easy to trade on the blockchain .
Although that may be far from simple for the uninitiate to understand, the bribe has been huge for many artists, musicians, influencers and the like, with investors spending clear dollar to own NFT versions of digital images. For example, Jack Dorsey ’ s inaugural tweet sold for $ 2.9 million, a video clip of a LeBron James slam dunk sold for over $ 200,000 and a decade-old “ Nyan Cat ” GIF went for $ 600,000 .
A CryptoKitty
A CryptoKitty
But NFTs aren ’ deoxythymidine monophosphate precisely new. CryptoKitties, a digital trade game on the cryptocurrency platform Ethereum, was one of the original NFTs, allowing people to purchase and sell virtual cats that were both unique and stored on the blockchain .
thus why is the NFT phenomenon taking off immediately ?
“ Some of that concern is from people who enjoy supporting the work of mugwump creators by purchasing their works, ” Artsy CEO Mike Steib told CNN Business. “ Others are intrigued by the mind of taking a digital asset that anyone can copy and claiming ownership of it. The holocene headline price records for NFTs seem to have been largely driven by newly minted crypto millionaires and billionaires looking to diversify their bitcoin holdings and more pastime to the crypto ecosystem. ”
here ’ s what else you need to know :

What are NFTs?

Non-fungible tokens, or NFTs, are pieces of digital content linked to the blockchain, the digital database underpinning cryptocurrencies such as bitcoin and ethereum. Unlike NFTs, those assets are fungible, meaning they can be replaced or exchanged with another identical one of the same measure, much like a dollar bill .
NFTs, on the other hand, are alone and not mutually interchangeable, which means no two NFTs are the same .
think of Pokémon cards, rare coins or a limited-edition pair of Jordans : NFTs create scarcity among differently boundlessly available assets — and there ’ s flush a certificate of authenticity to prove it. NFTs are typically used to buy and sell digital artwork and can take the shape of GIFs, tweets, virtual trade cards, images of forcible objects, video recording game skins, virtual real estate and more .

How to buy NFTs

basically, any digital trope can be purchased as an NFT. But there are a few things to consider when buying one, particularly if you ’ re a newcomer. You ’ ll need to decide what marketplace to buy from, what type of digital wallet is required to store it and what kind of cryptocurrency you ’ ll need to complete the sale .
OpenSea's marketplace
OpenSea ‘s marketplace
Some of the most common NFT marketplaces include OpenSea, Mintable, Nifty Gateway and Rarible. There are besides recess marketplaces for more particular types of NFTs, excessively, such as NBA Top Shot for basketball video highlights or Valuables for auctioning tweets such as Dorsey ’ sulfur presently up for bid .
But be wary of fees. Some marketplaces charge a “ gas ” fee, which is the department of energy required to complete the transaction on the blockchain. other fees can include the costs for converting dollars into ethereum ( the currency most normally used to buy NFTs ) and close expenses .
If you ’ ra curious and want to know more about what it ’ s like to purchase an NFT, we went ahead and bought one. ( And yes, it is a guy. )

How to sell NFTs?

NFTs are besides sold on marketplaces and the process can vary from platform to platform. You ’ ll basically upload your content to a marketplace then follow the instructions to turn it into an NFT. You ’ ll be able to include specifics such as a description of the employment and suggested price. Most NFTs are purchased using ethereum but can besides be bought with other ERC-20 tokens such as WAX and Flow .

How to make an NFT?

Anyone can create an NFT. All that ’ s needed is a digital wallet, a little purchase of ethereum and a connection to an NFT market where you ’ ll be able to upload and turn the subject into an NFT or crypto artwork. Simple, right ?
– CNN ’ south Oscar Holland and Rishi Iyengar contributed to this report .

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