What are NFTs and why are some worth millions?
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Nov 20
Where Bitcoin was hailed as the digital answer to currency, NFTs are now being touted as the digital answer to collectables, but plenty of sceptics fear they're a bubble waiting to burst.What is a non-fungible token?In economics, a fungible asset is something with units that can be readily interchanged - like money. With money, you can swap a £10 note for two £5 notes and it will have the same value. However, if something is non-fungible, this is impossible - it means it has unique prope...

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What is an NFT

What is an NFT

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What is an NFT
Untitled
Nov 20
Non-fungible tokens, or NFTs, are the latest cryptocurrency phenomenon to go mainstream. And after Christie's auction house sold the first-ever NFT artwork — a collage of images by digital artist Beeple for a whopping $69.3 million — NFTs have suddenly captured the world's attention. So what are NFTs? In the simplest terms, NFTs transform digital works of art and other collectibles into one-of-a-kind, verifiable assets that are easy to trade on the blockchain. Although that may be f...