NFTs and the Art Industry

Within the past year news articles about the NFT boom have constantly made headlines, and teens making millions of dollars from their artwork seems to be a recurring theme.

So, what are NFT’s and why have they produced such a statement in our economy? 

NFT (Non-Fungible Token) are unique works of art stored using a blockchain technology with a special encryption and verifiable code. They are bought and sold on open crypto art markets in exchange for crypto currency or other NFT’s but not any two are alike.The non- fungible stands for the fact that they are “one of a kind” in opposition to generic bitcoin or other cryptocurrencies that are interchangeable. NFT’s are not interchangeable, having ownership of an NFT means you have the rights to a particular work of art and the value varies based upon previous ownership and artistry. 

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