What is an NFT?
Learning about NFTs
NFTs are intangible items that live on the ETH blockchain. The blockchain is responsible for ensuring the items are marked 1 of 1, authentic and also allow selling and purchasing of these NFTs.
NFTs are purchased with Ethereum, Ethereum is the main source of funds for purchasing NFTs as its a decentralized currency for transactions.
It is important you follow the NFTs closely and only purchase / sell what you are willing to lose. NFTs are essentially a bubble that create demand based on who is looking to buy it next. It's only worth as much as whoever wants to buy it will pay.
Who can make & sell NFTs
Truth be told, anyone can make an NFT. There are millions of NFTs in existence - but only the ones that are marketed and highly sought after resell for good money.
What is the purpose & why do they resell?
NFTs can be created by creators who are looking to sell their art digitally, they can create gifs, music images or even randomly generated 1 of 1 collectable pictures.
NFT Resell
NFTs can resell based on their metadata that is included with the NFT. Often times the creators setup their NFTs to reward the original purchaser with royalties on every sales made on that specific NFT. This increases demand and encourages you to keep buying and selling NFTs.
Music creators and artists can also introduce royalties to their music, and art in real life.
NFT creators can create exclusive clubs and perks for their NFT holders, allow you to get access to additional items and information through their websites or discords.
Popular NFT Examples
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