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NFT is the new Bitcoin: A guide on how to Buy Non-Fungible Tokens
Similar to Bitcoin’s popularity and high rise in value, Non-Fungible Tokens or NFTs are taking 2021 by surprise.
According to Forbes magazine, Jack Dorsey, CEO of Twitter, sold his first tweet for $2.9 million, a Beeple work of art sold for more than $69 million at a Christie’s auction, and Zoë Roth, who many know as “Disaster Girl,” paid off her student debt with a $500,000 photo — all via NFTs.
I was hearing the acronym “NFT” everywhere and people were telling me that they were investing in this new type of Digital Art.
This guide will demistify NFTs and tell you how to buy one via OpenSea.
What is an NFT?
NFT stands for “non-fungible token”. Let’s break it down.
Non-fungible means that it cannot be replicated, something unique. A Mona Lisa postcard is fungible, you can buy one for $1. But the real Mona Lisa at the Louvre museum is non-fungible. It cannot be replicated. Another example of non-fungible items are one-of-a-kind baseball or Pokemon cards.
NFT has the word token because usually they are Ethereum blockchain-based tokens, and they’re used to authenticate digital ownership of whatever asset is attached to the token.
