This stands in stark contrast to most digital creations, which are almost always infinite in supply. “Essentially, NFTs create digital scarcity,” says Arry Yu, chair of the Washington Technology Industry Association Cascadia Blockchain Council and managing director of Yellow Umbrella Ventures. NFTs are also generally one of a kind, or at least one of a very limited run, and have unique identifying codes. A staggering £123 million has been spent on NFTs since November 2017. NFTs are bought and sold online, frequently with cryptocurrency, and are generally encoded with the same underlying software as many cryptocurrencies.Īlthough they’ve been around since 2014, NFTs are gaining notoriety now because they are becoming an increasingly popular way to buy and sell digital artwork.

What Is an NFT?Īn NFT – non-fungible token – is a digital asset that represents a real-world object like, for example, the Charlie Bit My Finger video that sold for £500,000 back in May. Here’s everything you need to know about the new phenomenon. Forbes Advisor has selected Runpath Regulated Services Limited to compare a wide range of loans in a way designed to be the most helpful to the widest variety of readers.Ĭollins Dictionary has announced that its Word of the Year 2021 is NFT, leading many to wonder what NFTs actually are.

The comparison service on our site is provided by Runpath Regulated Services Limited on a non-advised basis.

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