Learn about NFT's
What is an NFT?
NFT stands for Non-Fungible Token. It attributes ownership of a digital item to one single person - for example digital art, graphics, music, videos, images, etc.
Think of an NFT like a certificate permanently attached to a digital item. It is verifiable proof of ownership for the original version of that item. It can be bought or sold, and it is unique in that there are no others like it.
NFT ownership is verifiable on a blockchain – the same technology behind the world's most famous cryptocurrency Bitcoin. A blockchain is a digital ledger of transactions that is duplicated and distributed across a massive network of computer systems.
What is the benefit of owning NFT art? Can't the artwork just be copied?
When a person buys NFT art, they are buying the only verifiable version of that piece as minted by the artist. When an artist mints a work, it's at that point that all other copies are just that, copies. The monetary value of that work is attached to the actual NFT connected to the blockchain.
A great example of this is if you owned the Mona Lisa. It can be copied millions of times and each copy can look completely identical, but there is only 1 original version and that will always be worth much more than the copies as long as you can prove you own the original.
To put it simply, an NFT allows the buyer to own the original item containing built-in authentication, which serves as proof of ownership. Collectors value those “digital bragging rights” almost more than the item itself.
Can I sell an NFT after I own it?
Yes! That's a large part of what makes NFT's so popular. You have complete ownership, meaning you can resell the NFT for a higher price than you bought it for if you think it will increase in value over time. Some people make quite a lot of money reselling NFT's.
How can I purchase an NFT?
NFT's can be purchased on various online marketplaces using a cryptocurrency called Ethereum - think of it as Bitcoins cousin. You can purchase Ethereum and put it into a digital wallet, and you then link that wallet to one of these marketplaces in order to buy NFT's.
Step 1 - Set up a digital wallet using something like MetaMask.
Step 2 - Buy Ethereum within MetaMask by clicking “Add funds”.
Step 3 - Go to the NFT marketplace you'd like to buy something from (like Foundation) and click "Connect Wallet".
Step 4 - Bid on the item you want!
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