NFTs — the mega-trend that no one knows?

NFT, an abbreviation that is almost impossible to avoid when navigating online—especially in the context of online trading. However, we mean not only complicated stock market transactions or the like. NFTs are involved in the trading of many everyday items such as music albums or trading cards.

20 May 2022

Melanie

Frutiger

a group of people standing outside of a food truck

What does NFT mean?

First, let's break down what this abbreviation actually means: What does NFT actually stand for? The three letters represent Non-Fungible Tokens, which translates to something like non-replaceable crypto value. It is a type of certificate of authenticity or proof of ownership for various digital works, such as art, including music pieces, comics, or videos. Even trading cards or images, and even tweets can be assigned NFTs.

How do NFTs work?

Only a few people know this — but by reading this, you are now one of them. NFTs transform works into digital assets, functioning like a type of watermark, and anyone can purchase NFTs to turn their art, whatever form it may take, into a unique piece and unmistakably claim it as their property.

Buying and selling NFTs

Such purchases take place — much like with cryptocurrencies — on digital marketplaces. Members can buy NFTs and turn their works into unique pieces, but also sell NFTs. All you need is a membership to a trading platform and a wallet. The latter is also necessary for trading with cryptocurrency, and some wallets can be used for both NFTs and cryptocurrency.