WHAT ARE NFT'S?

​

NFT'S (NON FUNGIBLE TOKENS) are digital collectibles, one of a kind crypto tokens on the ethereum blockchain.

Nonfungible tokens prove ownership of a digital item – image, sound file or text – in the same way that people own crypto coins. Unlike crypto coins, which are identical and worth the same, NFTs are unique.

NFTs are tokenised versions of assets that can be traded on a blockchain, the digital ledger technology behind cryptocurrencies like bitcoin and ethereum.When someone buys an NFT they gain the rights to the unique token, but only on the blockchain. ... The CEO of SuperRare, another NFT site, told Insider people are motivated to buy NFTs because it provides a unique connection to the creator that does not exist with any other art form.

Because they hold value, they can be bought and sold just like other types of art – and, like with physical art, the value is largely set by the market and by demand. That's not to say there's only one digital version of an NFT art available on the marketplace, though.