What is an NFT Marketplace?

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Torn
Posts: 17
Joined: 08 May 2021, 10:10

What is an NFT Marketplace?

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An NFT Marketplace is a marketplace for NFT. So far so good. But what is an NFT?

NFT is an acronym for “Non-Fungible Tokens”. Something which is fungible is replaceable. For instance, one kilo of 24 karat gold is – at least in theory – replaceable with any other kilo of 24 karat gold. When something is non-fungible, it means that it is unique, and not replaceable with any other item out there.

Although NFTs are conceptually similar to cryptocurrencies, these digital assets might represent antiques & artworks, collectables like trading cards, and other items with unique features. These tokens are stored cryptographically in a blockchain network for authentication and validation. Even when transacting, each token is sold as a whole, unlike cryptocurrencies which are divisible into smaller units. NFTs lose their value when split into smaller portions, however, they can be duplicated by the artist and each additional copy can be sold separately (but the total number of duplicates will then always be known).
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Ilona
Posts: 22
Joined: 08 May 2021, 05:40

Re: What is an NFT Marketplace?

I have been using NFT for a long time and I really like what I end up with. If you upload your own, and not someone else's, creation - it is appreciated.
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Gregori
Posts: 14
Joined: 08 May 2021, 05:44

Re: What is an NFT Marketplace?

Ilona wrote: 11 May 2021, 10:12 I have been using NFT for a long time and I really like what I end up with. If you upload your own, and not someone else's, creation - it is appreciated.
And what's the point of filling someone else's? There surely is identification for rights there? Or am I confusing something?
It seems to me that if people here pay for the creations made by you, then a selection should be made and the works should be distilled from the Internet.
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