What Is an NFT, and How Do They Work?
NFT: Your Comprehensive Guide to Non Fungible Tokens
What Is an NFT, and How Do They Work?
By Claire / Insights / January 5, 2022
Certain developments or trends tend to capture all the attention in a given industry every once in a while. And with the internet, it’s not hard to overhype things that aren’t really exceptional or out of the ordinary. However, a new entity has taken both the blockchain industry and many segments of popular culture by storm – Non fungible Tokens.
To start off, an NFT works on a somewhat complex concept that can confuse even seasoned blockchain enthusiasts. If you’ve heard of Beeple’s ‘The First 5000 Days’ selling for more than $69million as NFT art, it’s surprising but believable. However, when you hear about Twitter CEO Jack Dorsey selling his first-ever tweet on the platform for $2.9million, you start scratching your head.
No worries, though. Today, we’ll take you through what NFT is, how it works, and what it may entail for the future. And that’s a lot to cover, so here’s a quick breakdown of all the areas on NFT we’ll cover.
