What is NFT?
A non-fungible token is a unique and non-interchangeable unit of data stored on a blockchain, a form of digital ledger. NFTs can be associated with reproducible digital files such as photos, videos, and audio
The Verge gives a bit more user-friendly explanation:
“Non-fungible” more or less means that it’s unique and can’t be replaced with something else. For example, a bitcoin is fungible — trade one for another bitcoin, and you’ll have exactly the same thing. A one-of-a-kind trading card, however, is non-fungible. If you traded it for a different card, you’d have something completely different. You gave up a Squirtle, and got a 1909 T206 Honus Wagner, which StadiumTalk calls “the Mona Lisa of baseball cards.” (I’ll take their word for it.)
You may have heard or read about NFT on the news, social media or other places. Always in connection with making bucket loads of money. Well, not money, but cryptocurrency. NFT assets (video, photo, art, animation) are always sold on crypto based sites (such as Opensea) – for crypto tokens. A kid made over 6 million dollars in Ethereum cryptocurrency for two (mind you, large) collections of paintings she created.
On the plus side, if you are good and manage to catch the eye of someone who likes your art, you may become an instant (potential) millionaire. On the negative, it’s like the gold rush of the 19th-20th century where everyone wants a piece and it becomes difficult to stand out. Plus, there are some expenses involved, and it’s a bit more for the techie-inclined people.
Here is my (exorbitant) first attempt at NFT art: (click HERE, or on the photo bellow to reach the sale page)
Wish me luck! 🙂