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what is an NFT?

An NFT is a digital asset that represents real-world objects like art, music, in-game items and videos. They are bought and sold online, frequently with cryptocurrency, and they are generally encoded with the same underlying software as many cryptos. They have been around since 2014 and are becoming increasingly popular. NFTs are also generally one of a kind, or at least one of a very limited run, and have unique identifying codes. NFT’s can be attached to anything from an MP3 to a single JPEG image, a tweet, or a video clip.

what are NFT’s used for

Artists no longer have to rely on galleries or auctions to sell their art. Instead, the artist can sell it directly to the consumer as an NFT, which also lets them keep more of the profits. Artists can program in royalties so they’ll receive a percentage of sales whenever their art is sold to a new owner. This is an attractive feature as artists generally do not receive future proceeds after their art is first sold.