ABC of NFT

The stock market loves pneumonics. OTC, XLE, SPY, QQQ. One has to be engaged with the market to keep up-to-date with new terms and tickers. Here comes NFT.

A non-fungible token is a unit of data stored on a digital ledger, called a blockchain, that certifies a digital asset to be unique and therefore not interchangeable. NFTs can be used to represent items such as photos, videos, audio, collectibles, other types of digital files, and even lately sports memorabilia which are bought and sold with cryptocurrencies.

What is NFT so popular?

For something intangible, NFT allows buyers to own exclusive rights of each digital token. This can't be replicated. So there can only be one owner of an NFT at any given time. Some platforms for NFTs are OpenSea, Rarible, and Grimes’ choice, Nifty Gateway.

But because there is no one centralized marketplace where NFT prices are dictated, the resale value of an NFT is solely dependent on a buyer and a seller.

Sellers of art benefit from a wider forum to sell your artwork. In some cases, you may be able to get a royalty whenever the NFT is sold. As a buyer, you have bragging rights of owning something you can with the backing of blockchain.

So why is NFT all the rage? Well, many think this is the future of selling and collecting art, video, and the likes.

What NFT of yours would you sell?