The NFT stands for Non-Fungible Token and is the basis of a new currency. The value of money is inseparable from its form, which allows you to exchange a $10 note for another one. A $5 note can be exchanged for a $10 note, and the value of each one stays the same. This type of currency is ideal for a currency system, where you can make constant returns without worrying about a loss of value.
If you’re considering buying an NFT, you’ll need a digital wallet and a cryptocurrency. Most NFT providers accept Ether, so you’ll need to buy it on a platform such as Coinbase or Bitcoin Gold. Most exchanges and wallets will charge a transaction fee for using their services. You can also purchase an NFT on a platform such as Rarible. This marketplace allows creators and artists to sell and issue NFTs, and allows the public to weigh in on the features and value of each.
Another interesting feature of NFTs is their inherent fungibility. They can’t be resold, and their value depends on the demand. A single NFT may be worth a million dollars, but it could be worth a hundred cents if ten people want to buy it at once. That means that a non-fungible token might be worth a few cents less than what you bought it for, and it might even be worth nothing if no one wants it.