The Basics Of NFTs: Digital Art & Collectibles on the Blockchain

The-Basics-Of-NFTs.

The basics of NFTs. Non-fungible-token (NFT) sales reached $2.5 billion in 2021, up from $13.7 million a year earlier, once again confirming the immense value of the new industry. There were more than 40,000 sales in March 2021 alone.

This presents a lifetime opportunity for investors seeking value. Like traditional artwork, a simple NFT today could be worth millions tomorrow.

Interested? The Expensivity team explains the basics of NFTs in one of their recent blogs, even providing useful tips for those who wish to get started in the field. The following are excerpts from the blog.

What are NFTs?

Non-Fungible Tokens (NFTs) are unique and non-interchangeable data units stored on a digital ledger. Moreover, the term “non-fungible” actually refers to an item’s unique properties that make it unexchangeable with something else.

How Do NFTs Work?

Non-fungible tokens use digital keys to secure items using the same technology as cryptocurrency. A public key serves as the ownership assignment, while a private key authorizes a change in ownership. Meanwhile, the blockchain maintains tamper-proof ledger transactions and serves as a reference in case of misunderstandings.

Any digital creation can become an NFT, whether a photo, video, social media post, blog post, comment on a forum, etc.

Check out the Expensivity infographic to learn more basics of NFTs, what they are, how they work, the benefits, and how to monetize your digital creations through NFTs.

About Mike Gingerich

Mike Gingerich, President of Digital Hill & TabSite is a business blogger Marketer and Consultant. Part geek, part marketer, part strategist, total fitness and running junkie. Mike is an author and speaker, having presented at Social Media Week Lima, Social Media Camp (Canada) and more. Mike is a marketing, social media, and business startup enthusiast with 10+ years experience building apps, consulting, and training businesses with winning integrated strategies. Mike loves deploying tactics to increase awareness, sales, and maximize ROI in both B2B and B2C markets via digital media.