What is an NFT & how does it work?

An NFT is a digital token that represents an asset, such as a photograph or artwork, stored on the blockchain. They are unique because they can be traded like physical assets such as paintings and photographs. They can also be used to represent any other form of digital content such as games, videos, or social media posts.

What is a non fungible token (NFT)?

“Non-fungible Token” (NFT) is a type of digital asset that represents ownership of a unique item, such as a piece of art or a collectible. NFTs are stored on a blockchain, which is a decentralized and secure digital ledger, and they can be bought, sold, and traded like other types of assets.

What does staking mean in NFT slang?

Example: "GM, have a good day!" While staking isn’t NFT slang, it’s a good term to know. Staking is when you ‘lock up’ an NFT or coins for a certain amount of time in order to earn interest on your asset. The amount of interest paid is project-dependent. The currency in which you’re paid is usually tokens created by the NFT project.

When did NFTS become popular?

NFTs were created long before they became popular in the mainstream. Reportedly, the first NFT sold was "Quantum," designed and tokenized by Kevin McKoy in 2014 on one blockchain (Namecoin), then minted and sold in 2021 on Ethereum.