What is an NFT
NFT stands for Non-fungible tokens. By definition, it is a non-interchangeable unit of data stored on a blockchain. They are “Non-fungible” which means that each NFT is a unique token on the blockchain and cannot be replicated. It could work like a painting where there’s only one “real” version, but they could also work like trading cards where there’s a number of copies of the same card.
What is a Blockchain?
A blockchain in simpler terms, is a digital ledger of transactions maintained by a network of computers in a way that makes it difficult to hack or alter. This system allows tracking of digital payments which would confirm you as the NFT’s new owner and ensure that it stays in your digital wallet.
Some of the most popular Blockchains that host NFTs include:
…and many more!
At FazzMe, we currently support Polygon blockchain which is a decentralized Ethereum scaling platform, with more to come. You can read more about it here.
Why sell NTFS?
You might be interested in NFTs as an artist, because it gives you a way to sell your artwork allowing you to make extra revenue and get your work recognized. If you are an influencer, model or celebrity, you can bring and engage with your audience, post pictures and videos of yourself by capitalizing on your individuality and popularity and make it even bigger here.
On FazzMe, you can show your creations across your network to build your recognition and increase your revenues as well as exposure to new opportunities. Just like copyrights, you can enable a feature that pays you a percentage everytime the NFT you created is sold to someone else.
Why buy NFTS?
Big brands and celebrities like Marvel, Nike and Snoop Dog have been buying or launching their own NFT collections. You can support your favorite artists financially by investing in their NFTs. Buying an NFT will grant you basic usage rights and bragging rights that you own the art, with blockchain entry to back it up.
You could also be looking to trade and make profit. NFTs’ total value grew from $100 million in 2020 to more than $21 billion in 2021, according to a report by TradingPlatforms. The traditional principle of investing, buy low and sell high, also applies for NFTs.
Finally, you could be interested in collecting. As a collector, an NFT allows you to prove that you have the original copy of a digital file, in the same way you would own the original copy of a piece of fine art, trading card or music recording.
Looking to create your first NFT? Read how to get started here.
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