NFTs — non-fungible tokens — is the new cryptocurrency buzzword. But what does it actually mean?
What are NFTs and why should you actually care about them?
The world of cryptocurrency can be confusing and overwhelming, and not everyone thinks it’s “for them” — particularly if you’re not a Silicon Valley tech genius.
However, cryptocurrency doesn’t seem to be going anywhere, and you might have been hearing more and more about NFTs (non-fungible tokens). But what exactly are NFTs? How do they relate to cryptocurrency? And why should you pay attention to them?
Josh Sandhu, co-founder of Quantus Gallery, an NFT art gallery in London, answers all your pressing questions.
What are NFTs?
“An NFT is a digital certification of authenticity and ownership,” explains Sandhu. “In effect, an NFT is a vehicle. Attached to it is a bit of media. That can be anything — a bit of art, music, it could even be a ticket to a concert.”