NFTs: Much hyped, but how do they work?
NFT stands for Non-Fungible Token.
NFTs are digital items that can be bought and sold using this blockchain technology. But they are not fungible, making them a different type of asset. They are seen as intrinsically cool by their owners, who enjoy boasting of their purchases by displaying them as their social media avatars. Some predict that using the blockchain to record the ownership history of an item will eventually become much more widespread, revolutionising how we think about property.Like cryptocurrencies, NFTs are bought and sold on specialised platforms. OpenSea is the best-known NFT marketplace.NFTs of famous paintings have been sold, for example, but the buyer does not receive the painting.
To purchase an NFT, the wallet must contain enough of the relevant cryptocurrency -- for example, ether if the person is buying a token on the Ethereum blockchain.Ultimately, NFTs are digital contracts, with certain rules embedded such as the number of copies available for sale.Trading NFTs involves technical processes that are sometimes misunderstood -- and that can lead to investors not knowing quite what they are dealing with.
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