What Are NFTs?

NFT is an acronym for the “non fungible token”, NFTs can be thought of as digital collectibles, like trading cards. NFT cryptos can represent both physical and virtual assets. Digital influencers, artists, and especially game developers have been using NFTs to monetize their exclusive real world/digital assets for quite some time now. The value of NFTs is set by the market demand for the data it contains.

NFTs are revolutionizing how content creators like artists and musicians get paid; the immutably recorded NFT blockchain transactions and the fact that NFT cryptos can not be duplicated only adds to the already high prices the rare underlying assets of NFTs are fetching. The growing popularity of NFTs only proves that we might just continue to see NFTs being used increasingly across content creation platforms, and collectibles being packaged and traded in ways completely unfathomable even 5 years ago.