What is an NFT & why should you buy one?

NFTs are typically used to buy and sell digital artwork and can take the form of GIFs, tweets, virtual trading cards, images of physical objects, video game skins, virtual real estate and more. Essentially, any digital image can be purchased as an NFT. But there are a few things to consider when buying one, especially if you’re a newbie.

Who created 'NFT'?

The first known "NFT", Quantum, was created by Kevin McCoy and Anil Dash in May 2014. It consists of a video clip made by McCoy's wife, Jennifer. McCoy registered the video on the Namecoin blockchain and sold it to Dash for $4, during a live presentation for the Seven on Seven conferences at the New Museum in New York City.

What is NFT cryptopunks?

The NFT collection CryptoPunks was a project that initially prohibited owners of its NFTs from using the associated digital artwork for commercial use, but later allowed such use upon acquisition by the collection's parent company. The first known "NFT", Quantum, was created by Kevin McCoy and Anil Dash in May 2014.

Can NFTS be hacked?

Though one of the selling points of NFTs is the fact that it's very difficult to "steal" something from the blockchain, that doesn't mean these assets can't be hacked. There are vulnerabilities within the blockchain that hackers can and have exploited.