Connect with us

Hi, what are you looking for?

Social Media

The Basics of NFTs [Infographic]


If you use social media, basically at all, you would have definitely noted the rising interest in NFTs, or ‘non-fungible tokens’, as a vehicle for buying and selling digital artworks. Aligned with the broader push on cryptocurrency, NFTs have become the latest tech trend, with people paying thousands, even millions, to own exclusive pieces of digital art, which many are then putting on display on their social profiles.

It’s become a form of in-crowd credibility, even prestige, in some respects. But for those on the outside looking in, it can be difficult to wrap your head around how NFTs actually work, and how they apply to the broader digital connection space.

As a basic definition, ‘non-fungible’ means unique, a token that can’t be interchanged for something else. There is only one of each NFT being sold, which then provides digital artists with a new way to both sell their work, and track subsequent usage.

With NFTs, which are bought and sold via blockchain, the actual ownership of each piece is trackable for the first time, which changes the game for use, and re-use, and brings digital art more into line with classic art trading.

And with Instagram, Facebook, TikTok and Twitter all looking at how to lean into this trend, you can expect to see a lot more on the NFT front spilling into your social media streams. As such, it’s probably worth upping your knowledge, which is what this overview from the team at Expensivity is for.

The below infographic outlines the basics of NFTs, which helps to pain a clearer picture of how they work, and what they mean in the fast-evolving digital eco-sphere.

Maybe it’ll lead to you investing in your first digital piece.

Advertisement. Scroll to continue reading.
Overview of NFTs and how the process works



Source link

Click to comment

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Advertisement

Latest

Technology

The UFC is rocking the Big Apple, with the Octagon hosting UFC 268 at Madison Square Garden. With two titles on the line tonight,...

Online Business Success

By Neil Hare Now is the time to access capital you may need later on to keep your business afloat. getty The old business...

Loan And Finance

AFA names new national president 1 November 2021 Association of Financial Advisers (AFA) Vice President Sam Perera has been named National President, taking over...

Technology

How did we get here? The pandemic prompted work- and learn-from-home orders worldwide, resulting in huge demand for affordable, education-focused models like Chromebooks. As...

Top Stories

Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption...

Online Business Success

A representative image. Karachi export industries call on govt to ensure gas supply on priority basis. Muhammad Zubair Motiwala says, “The export sector is...

Top Stories

Decentralized finance (DeFi) is a natural product made possible by blockchain technology and has the right and ready infrastructure to propel the technology to...

Loan And Finance

The US insurance industry is rich with longstanding professionals who have spent their entire careers paving the way for colleagues and inspiring future generations,...

Advertisement

You May Also Like

SEO Guide

Want to rank in Google image search? Images that you use as a featured images when writing a post actually appear on Google Images...

Technology

Sonos is one of the most popular wireless speaker brands in the world, and for good reason – its range of portable Bluetooth speakers,...

Online Business Success

File photo The Economist Intelligence Unit (EIU) has said that inflation will remain high in Pakistan for the next six months and the rupee...

Blogging

In this post, I will discuss the top ten profitable blogging niches ideas for Adsense approval and high traffic. whether you use Blogger or...

Advertisement