![]() The most popular network for NFTs is currently Ethereum, which is the same network used by popular cryptocurrencies like Ether (ETH) and USD Coin (USDC). ![]() The following sections explain how NFTs work in more detail and introduce you to some of the key players in this space. The Ethereum blockchain is the most popular network for NFTs, but it’s slow, expensive, and congested. They’re traded on decentralized ledgers called blockchains. NFTs are part of the larger cryptocurrency ecosystem. NFTs are part of the greater cryptocurrency ecosystem, and they’re traded on decentralized ledgers called blockchains. You can also sell them for cash or other cryptocurrencies. You can buy them with real-world money on exchanges, dapps, and decentralized exchanges. NFTs are digital tokens that exist only online. You can buy and sell NFTs with real-world money, but they only exist online. They could be used for many other purposes: for example, you could use them as tickets for an event like Burning Man or as vouchers for a trip around the world (you’d just have to make sure everyone has an Ethereum wallet). NFTs aren’t limited to digital art, either. They’re a novel way to own a piece of digital culture - one that you can use to show off on social media, trade with your friends and admirers, and even sell back to the artist if you want. NFTs are blockchain-backed certificates of ownership for digital objects, such as art or video clips. ![]() ![]() So how can you jump on this emerging trend? First things first: here’s what you need to know about NFTs before you buy one: And just like with physical artworks at auction houses like Christie’s and Sotheby’s, some NFTs can sell for staggering amounts of money-like this “anime girl” GIF that sold for over $500k. Just like with a physical painting or sculpture, an NFT represents that you own a unique piece of content (and it’s yours to keep forever), even though that content is purely digital. In short, NFTs are blockchain-backed certificates of ownership for digital objects, such as videos and images. NFTs, or non-fungible tokens, have been all the rage in the digital art community in recent months. ![]()
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