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NFT Technology Explained
What is Non-Fungible Token (NFT)?
NFTs stands for non-fungible tokens. These tokens are built on the same blockchain technology as cryptocurrencies like Bitcoin or Ethereum, but that is where the similarities end.
On the one hand, cryptocurrencies are "fungible tokens," which means they may be traded or swapped for one another. They're also worth the same— one Bitcoin is always worth another Bitcoin. On the other hand, "non-fungible-tokens" contain digital signatures that prevent them from being equivalent to one another (hence, non-fungible). For example, if you trade a one-of-a-kind game collectible, you'll receive a totally different thing.
The "non-fungible" characteristic makes NFTs unique and irreplaceable. Therefore, people are using NFTs to represent digital files such as paintings, photos, cards, game collectibles, digital music, virtual lands in fantasy worlds, or even tweets on Twitter...to make them one-of-a-kind in the digital world. For example, everyone can download a copy of Everyday from the internet; however, there's only one rightful owner of the original item who has paid nearly $70 million to buy its NFT.
Beeple’s famous NFT artwork: Everydays
While Ethereum is the most popular NFTs creation blockchain nowadays, other public blockchain networks also support NFT creations. Binance Smart Chain and Polygon Network (Previous Matic) have been booming with activities, ranging from token swaps to decentralized money markets and cute NFTs. There are many options to earn yield or to have fun.
To buy NFTs, you need to have a digital wallet that allows you to store NFTs and cryptocurrencies. Then you have to purchase some cryptocurrencies depending on what currencies your NFT provider accepts and use the cryptocurrency to exchange digital assets on NFT Marketplace such as OpenSea, Foundation or HERO NFT Marketplace. You can buy crypto using a credit card on platforms like Coinbase, Kraken, eToro and even PayPal and Robinhood now. You’ll then be able to move it from the exchange to your wallet of choice.
You can also purchase NFTs on HERO NFT Marketplace. See more
Last modified 2mo ago
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