What are NFTs and what do they do?

NFTs are crypto assets that grant gamers and collectors ownership over their digital items. Non-fungible tokens (NFTs) are a special type of crypto asset that allows holders to prove their ownership of real or digital items – but most importantly, the latter.

How can you start selling and buying NFTs?

Therefore, for both buying and selling NFTs, you must have a crypto wallet with some ETH in it, which is Ethereum’s native token. Even if you are just selling an NFT, you still need to pay a 2.5% transaction fee in ETH gas, which is a denomination of the token called Gwei (one billionth of ETH).

What is the proper way to understand NFTs?

To answer that question is to understand what NFTs are and why they are valuable. And the only way to understand it is if we place NFTs in contrast to traditional artworks. For instance, the most expensive and iconic artworks such as Mona Lisa or Interchange by Willem de Kooning can be reproduced just as equally as NFTs.

What are the benefits of having an NFT?

Because an NFT allows the buyer to own the original item. Not only that, it contains built-in authentication, which serves as proof of ownership. Collectors value those “digital bragging rights” almost more than the item itself.