What is an NFT & how does it work?

The NFT has an ID and typically metadata associated with it that make the specific token unique. When someone creates or mints an NFT, they are really executing a function in the smart contract that assigns a specific NFT to their address. This information is stored in the contract's storage, which is part of the blockchain.

What is a nonfungible token (NFT)?

It stands for "nonfungible token." Nonfungible, meaning you can't exchange it for another thing of equal value. A $10 bill can be exchanged for two $5 bills. One bar of gold can be swapped for another bar of gold of the same size. Those things are fungible. An NFT, though, is one of a kind. The token refers to a unit of currency on the blockchain.

What types of digital objects can be sold as NFTS?

All kinds of digital objects – images, videos, music, text and even tweets – can be bought and sold as NFTs. Digital art has seen some of the most high-profile sales, while in sports, fans can collect and trade NFTs relating to a particular player or team.

How much is a bored ape Yacht Club NFT worth?

Bored Ape Yacht Club NFT sales have totaled over 1 billion dollars alone. The current record for a Bored Ape NFT is $3.4 million, although more typically they sell in the hundreds of thousands. OK, But Why Are They Worth Anything? The simplest answer to this is because people say they are worth something.