An NFT is a Non-Fungible Token. A digital token on blockchain, you can use to guarantee ownership of a unique item. NFTs let us tokenize goods like art, music, collectibles, memorabilia, and every physical/digital asset to be represented in the digital world. An NFT can only have one owner at a time, and it’s secured by the blockchain. In other words, no one can modify the record of ownership or duplicate a specific NFT.
“Non-fungible” is a definition used to describe objects or goods which are not interchangeable with other, because they have unique properties. For example, dollars are fungible because you can always exchange $10 USD with 10 one- dollar bills. Otherwise, collectibles are "non fungible”, because every item has a different value from another.
NFTs can solve some of the problems on todays internet. In fact, as everything becomes more digital, we need to replicate the properties of physical items like scarcity, uniqueness, proof of ownership, and anti-counterfeit.
NFTs have some special properties:
NFTs exist on the blockchain, and can be bought or sold peer-to-peer as well as on any blockchain-based NFT marketplace. No one’s locked into any specific platform, and no mediators are needed.
NFTs exist in the Ethereum blockchain. Ethereum is the most widely used blockchain in the world, with a market capitalization second only to Bitcoin. Most of the NFTs market is on Ethereum.
NFT ownerships are recorded on the blockchain, and that entries act as a real digital certificate. The blockchain is a transparent ledger that everyone can verify, and cannot be counterfeited.
NFT sales are made in ETH (Ethereum). You can buy ETH with your credit card or from your bank account, using services and apps like Coinbase or Gemini.
Payments need a working ETH wallet. You can install MetaMask extension for Google Chrome and setup yours, or use any other wallet you like.
Transfer ETH from your app or account into your wallet, and you’ll be ready to make an offer for your NFTs!