What are NFTS & how do they work?

NFTs are "one-of-a-kind" assets in the digital world that can be bought and sold like any other piece of property, but which have no tangible form of their own. The digital tokens can be thought of as certificates of ownership for virtual or physical assets. How do NFTs work?

What is a nonfungible token (NFT)?

It stands for "nonfungible token." Nonfungible, meaning you can't exchange it for another thing of equal value. A $10 bill can be exchanged for two $5 bills. One bar of gold can be swapped for another bar of gold of the same size. Those things are fungible. An NFT, though, is one of a kind. The token refers to a unit of currency on the blockchain.

What is a photography NFT?

A photography NFTis a unique digital asset that represents a specific photograph or artwork. It is stored and recorded on a blockchain, a decentralized, immutable digital ledger technology. Photography NFTs are stored and transferred digitally, allowing them to be easily shared and displayed online.

What is NFT programmability?

At the same time, NFTs’ programmability supports new business and profit models — for example, NFTs have enabled a new type of royalty contract, whereby each time a work is resold, a share of the transaction goes back to the original creator.