NFT Crypto Art EXPLAINED — Non Fungible Token Art is everywhere!

NFT’s are an asset class you may not know much about, but they are blowing up! And by the end of this article, you’ll be somewhat of an expert.

Logan Paul made $1,000,000 in 3 minutes last week, then he made $5,000,000. Here’s how. He sold 3000 NFT’s, Non-Fungible Token Art (3000 copies of the same picture!)

At the same time, Christie’s, the oldest auction house in the world, is currently auctioning their first ever NFT, expected to sell for over $6.6 million.

What are NFTs?

NFT stands for Non-Fungible Tokens. But what does that mean? Fungibility is the ability of a good or asset to be readily interchanged for another of like kind — things like gold, dollars or bitcoin. Non-fungible is the exact opposite, meaning they are unique, like art, certain collectibles or real estate. The token part of NFTs are on the blockchain, they are essentially a digital certificate of authenticity. It works as proof that you own something and is a permanent record of that thing’s transaction history. This means that they can be bought and sold with cryptocurrency and there will be a permanent record of that transfer of the cryptocurrency and the transfer of the digital art on the blockchain, looking something like this.