What is NFT and How Does NFT Work? Everything You Need to Know
Saying that NFTs are just JPEG files is the equivalent of calling a Google image of Van Gogh's The Starry Night the real thing. Similar to traditional artwork, the value of NFTs comes from ownership of the "original". Non-fungible tokens have unique attributes; they are usually linked to a specific asset. This fungibility characteristic makes cryptocurrencies suitable as a secure medium of transaction in the digital economy. In early March 2021, a group of NFT s by digital artist Beeple sold for over $69 million. The sale set a precedent and a record for the most expensive pieces of digital art sold thus far. The artwork was a collage comprised of Beeple's first 5,000 days of work. Some NFT marketplaces responded to cases of plagiarism by creating "takedown teams" to respond to artist complaints. Non-fungible tokens are much different from other cryptocurrency investments. Many of these tokens don’t have value from their utility like other cryptocurren