TOKEN PLAY EXPLANATION: NFT
NFT definition:
An NFT is a digital asset that represents real-world objects like art, music, in-game items and videos. They are bought and sold online, frequently with cryptocurrency, and they are generally encoded with the same underlying software as many cryptos.
Although they’ve been around since 2014, NFTs are gaining notoriety now because they are becoming an increasingly popular way to buy and sell digital artwork. The market for NFTs was worth a staggering $41 billion in 2021 alone, an amount that is approaching the total value of the entire global fine art market.
What Are NFTs Used For?
Blockchain technology and NFTs afford artists and content creators a unique opportunity to monetize their wares. The artist can sell it directly to the consumer as an NFT, which also lets them keep more of the profits. In addition, artists can program in royalties, so they’ll receive a percentage of sales whenever their art is sold to a new owner.
