What are NFTs?

NFTs – non-fungible tokens – are generally created using the same type of programming used for cryptocurrencies. These are cryptographic assets based on blockchain technology.

NFT is a way to transfer unique items from the real world to blockchain. Each of these tokens is unique, indivisible and exists in a single number. In addition, the blockchain securely stores all relevant information about it.

NFTs are used to create a digital cast for any unique object. These can include: art, photos, videos, music, game assets – in short, any content that claims to be at least somehow unique. They are a great value among collectors, gamers, and art lovers, and are bought and sold through auctions on the NFT marketplaces.

To use cryptocurrencies and NFTs, you need a cryptocurrency wallet.

A cryptocurrency wallet could be a physical device, program or a service which stores the keys for cryptocurrency and NFTs transactions, your cryptocurrency balance and NFT inventory. Unlike a real wallet, which can hold actual cash, crypto wallets technically don’t store your crypto assets. Your balance lives on the blockchain, but can only be accessed using a private key. Your keys prove your ownership of your digital money and allow you to make transactions. If you lose your private keys, you lose access to your money. That’s why it’s important to keep your hardware wallet safe, or use a trusted wallet.