What is NFT

The term NFT stands for Non-Fungible Token, or non-fungible token. At its core, this is a unique digital asset, that is, there is no second such asset and cannot be. 

NFT can be called a certificate of uniqueness of a digital object, which confirms the right to own it. Visually, such tokens can be very similar, but in a distributed ledger, each of them will be defined as unique. This technology is actively used to digitize works of art and other valuable property.

How it works?

Non-fungible tokens work on the basis of blockchain technology. This means that information about the NFT and its owners is available to everyone. Therefore, anyone can find out who bought or sold a particular token.

The most popular blockchain for creating NFTs is Ethereum. But the cost of generating and transferring assets in this network is quite high due to expensive transactions. Therefore, more and more non-fungible tokens are being created on BNB Chain and other blockchains.

What makes NFT unique is a small set of data that is not repeated in other tokens, even visually identical.

Who buys NFTs and why?

One of the newest and most popular applications for NFT tokens is crypto art. 

Artists can create and auction their tokenized works. 

NFT collectors collect sets and collections of digital paintings as a hobby and compete for exclusive copies, offering thousands and millions of dollars for them. 

Gamers extract value from gaming activities by trading skins, textures. Many buyers see this area as favorable for use as an investment and are engaged in the resale of objects.

Modern people spend almost 50% of their time online every day, in connection with this, the paradigm of thinking and life priorities are changing for many. Previously, connoisseurs paid millions of dollars for paintings or rare stamps, but now artefacts created for the digital world are valued.

What do you need to do to promote your NFT?

The NFT market is specific, it is worth understanding the needs of the audience, warming up its interest. 

We have already described the principles of creating and promoting NFTs on NFTsky in other headings, which we strongly recommend that you familiarize yourself with.

We use cookie files on our site to give you the most pleasant and personalized experience. Internet without them will be shitty anyway. Read more about how cookies work on Privacy Policy.