What is an NFT?

  • NFTs, also called non-fungible tokens, are unique digital assets that represent the collectables of the internet era. The term ‘non-fungible’ simply means that NFTs are unique and distinguishable assets, that cannot be replaced or interchanged. Bitcoin, Ethereum, or the US dollar are fungible assets because in exchanging one for the other, you get the same thing in return (a US dollar will be a US dollar no matter what, but baseball trading cards differ based on which players they represent).

  • Because NFTs are secured on blockchains such as Ethereum, they are guaranteed authenticity, uniqueness, and safety. When you buy and NFT developed on the blockchain, you automatically get a certificate of authenticity, which shows that you own that NFT, and have full control over it. This allows you to trade it efficiently and securely.

The most expensive CryptoPunk: CryptoPunk #5822, sold to Chain CEO Deepak Thapliyal for 8000 ETH or $23.7 million.

Cryptopunks are one of the earliest NFTs, and the project that inspired the modern CryptoArt movement. Launched as a fixed set of 10,000 items in 2017. Total Value of All Sales over the lifetime of the collection is 940.72ETH ($2.47B). Credit: Larva Labs.