What is an NFT?


Wyatt Boyett (Junior), Reporter

What is an NFT?

An NFT or Non-Fungible Token is a pixelated photo that is created by an artist/team of people. An NFT is created merely based off the idea of being unique and original. A non-fungible token is a non-interchangeable unit of data stored on a blockchain, a form of digital ledger, that can be sold and traded. Types of NFT data units may be associated with digital files such as photos, videos, and audio.

What is the Block Chain?

The blockchain is where every NFT is held, it’s the market. So, you go to Kroger to buy groceries and I go to the blockchain to buy NFTs.

How do I get Ethereum?

An NFT is purchased with Ethereum. Ethereum is a crypto currency that can be purchased from pretty much any crypto currency app or web extension. Although Ethereum is very volatile when Ethereum goes down in price you still continue to own 1 Ethereum, although 1 US dollar now after inflation could equal 3 US dollars then.

How do I Buy an NFT?

Once you have Ethereum you can either purchase an NFT from the blockchain or market from websites like opensea.io and some others, but in my opinion opensea.io would have to be the most common. Once you are on opensea.io you just connect your wallet, which I use Metamask, overall, pretty straight forward because the browser extension is constantly connected. Then it’s just like regular shopping once you find one you like you can buy it. After purchasing the NFT of your choosing, it should be in your portfolio inside your wallet, and depending on popularity price may go up or down.

What makes an NFT hold price, makes it expensive?

NFT’s are based of exclusiveness, same thing as shoes, shoes hold their value because of their exclusiveness. Since, there is only a certain amount of real NFTs made, they hold their value because only a good couple thousands of people can own that specific type of NFT. Non-Fungible Tokens also hold their own value, meaning on their own they have their own value and are not able to be traded for another item. Money is fungible meaning you can trade money for other items but NFTs are not.

NFTs are super important in some people’s lives especially because they believe that they will be able to use them in the near future when it comes to the Metaverse. A lot of people are very worried for the future so when someone hears that they can be maybe ahead of the game they jump at the opportunity.