With any €10 bill, you can always buy goods equivalent to their face value. Every €10 bill in circulation has the same value, no matter where it came from, who gave it to you, or how long it has been in circulation. To understand what an NFT (non-fungible token) is, it’s better to give an example of what an NFT is NOT.Ī fungible object (FT) is an object that is completely interchangeable with another belonging to the same category. The NFTs can be bought on an NFT market.Īre you confused? To be honest the language used is quite technical and difficult to understand for those approaching this world for the first time. NFTs can represent digital files such as art, audio, videos, items in video games and other forms of creative work.
What is a NFT?Ī non-fungible token (NFT) is a unit of data on a digital ledger called a blockchain, where each NFT can represent a unique digital item, and thus they are not interchangeable. This means that there are questions that for now have no answers.
Keep in mind, however, that we are in the early stages of adoption of this technology, so it is a complicated subject, everything is changing very quickly and for the moment there is no real regulation of the market. I tried to explain things as simple as possible. This article is written for those who do not have much technical knowledge on the subject. Regardless of what people may think, it’s only fair to get informed and see if there’s actually any use for it, especially for those who, like me, already make money from selling stock photos and video footage (here’s my guide). Others think this technology is here to stay and it is one of those innovations that can change the world, a bit like it was for the Internet. Some think this is yet another speculation related to cryptocurrencies. If you’re already familiar with the NFT world but are looking for a marketplace to start selling your images as NFT check out my article.Īfter the news of a JPG file being sold at auction for the incredible sum of $69 million, NFTs exploded in popularity. PS: I just published a review of the Sloika marketplace. In this guide, I explain if and how you can earn money by selling your photos (or videos) as NFT.
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