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WHAT ARE NFTs
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NFT stands for Non-fungible Token. It's a great way for artists to publish and sell their creations from people like Damien Hirst to me!
Christie's have been selling digital art and NFTs since March 2021. In September 2022 Christie's 3.0 was launched – an online auction platform dedicated to NFT based art...read more.
The word 'non-fungible' means something cannot be copied or replaced with an identical item. When you purchase an NFT artwork it acts as a token associated with a unique line of code that cannot be replicated as it is stored in a public record of transactions. This is your provenance of ownership.
NFTs use the cryptocurrency blockchain to enable this process – if you don't own a crypto wallet, you can buy an NFT using a Credit or Debit card. I use the #1 NFT marketplace 'OpenSea' (founded in 2017) responsible for 60% of the $25 billion (*) NFT sales registered in 2021.
NFTs are an investment and can be bought and sold just like any other piece of art.
(*) Source: Reuters
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