A Quick Guide To NFTs

Tech

By Atharv Sharma
Published Nov 02, 2021

Hindustan Times

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Credits: Unsplash

NFTs are digital tokens that represent a wide range of unique intangible items. It may be a photograph, a music, or a video clip, anything that can be stored digitally, in fact

You could argue that, why should I pay to copy any digital image I want? But it's here that NFTs gain their value: they're not copies, but one-of-a-kind items

Credits: Unsplash

Owning an NFT is similar to owning a unique piece of art or a valuable antique

Credits: Unsplash

Many musicians and digital artists have recently explored the NFT realm, with the goal of selling their creations as souvenirs or art

Credits: Unsplash

NFTs are digitally distinct; no two NFTs are alike

Credits: Unsplash

Digitally unique

Every NFT must have an owner, who is a matter of public record and easily verifiable by anyone

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Ownership record

Content creators have access to a worldwide market and can sell their work anywhere

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Global approach

The Ethereum network is where many NFTs are created and kept, however other blockchains (such as Flow and Tezos) also support NFTs

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Based on Ethereum

Creators can keep ownership of their work and seek resale royalties on their own

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Creator focused

NFTs can be employed for a variety of purposes. Digital artwork, for example, can be used as collateral in a decentralized loan

Credits: Unsplash

Varied uses

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