What is the NFT market?

So what exactly are NFTs? They’re digital tokens, often purchased with the virtual currency Ether, that record ownership of a unique asset . You buy NFTs on online marketplaces like OpenSea. One collection from Bored Ape Yacht Club had a $3 million daily trading volume as of mid-February.

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Is NFT and crypto same?

Both NFTs and cryptocurrencies are based on blockchain, utilizing similar innovation and similar standards . Accordingly, they will quite often draw in similar players. NFTs can be considered a subset of the crypto culture, and you by and large need cryptographic forms of money to trade NFTs.

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What do you do with a NFT?

NFTs are tokens that we can use to represent ownership of unique items . They let us tokenise things like art, collectibles, even real estate. They can only have one official owner at a time and they’re secured by the Ethereum blockchain – no one can modify the record of ownership or copy/paste a new NFT into existence.

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Does NFT grow in value?

Can an NFT Go Up In Value? Owing to speculation and rarity, NFTs have the potential to rise in value . As a result, if an NFT holder resells the asset, the resale value may be much greater than the initial purchase, depending on where buyers believe the asset’s worth is. Think of it as standard, physical artwork.

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