What are NFTS & how do they work?

The term NFT means "non-fungible token." NFTs are one-of-a-kind digital assets number that can convey ownership of digital content such as images, videos and music. In some cases, NFTs have fetched staggering sums, like the collage created by artist Beeple that sold for $69 million in 2021.

What is NFT (non fungible token)?

NFT stands for non-fungible token. It’s generally built using the same kind of programming as cryptocurrency, like Bitcoin or Ethereum, but that’s where the similarity ends. Physical money and cryptocurrencies are “fungible,” meaning they can be traded or exchanged for one another.

How stable is an NFT?

NFTs usually don’t contain digital assets themselves, so often, any given NFT will only be as stable as the computer (or network) that stores the asset’s file. Even if the computer storing the asset is properly maintained, it’s hard to prevent “bit rot,” or data’s tendency to degrade over time.

What is NFT authentication & how does it work?

When someone creates, transfers, buys, sells, or otherwise does something with an NFT, that all gets recorded on the blockchain. This is what enables authentication. This record serves as a permanent statement of authenticity that can be viewed or accessed by anyone.