WHAT ARE NFTS & NFT MARKETPLACE?
NFT is a unique digital token that stands for “Non-Fungible Token”. Unlike normal crypto tokens, NFTs are not interchangeable on the basis of their sameness – every bitcoin is the same as another bitcoin – which means, instead, that each NFT is unique. NFTs, come into being through the process of minting on the blockchain. Each NFT is unique and cannot be copied. Although NFTs are unique and cannot be copied, the underlying asset – be it digital or non-digital – they are assigned to prove ownership of are not. So although copies can be made of a JPEG image assigned to an NFT, the original NFT tagged version of that image remains unique and owned by the bearer of the NFT. NFTs can be viewed as receipts for goods and services.
Just as in the real world you need to go to a market or auction house to buy art (or any other commoditized asset), it is the same with NFTs.NFTs can be displayed, bought and sold, and even minted on NFT marketplaces. Some of the most well-known NFT marketplaces include Opensea and Rarible.
Last modified 4mo ago