Non-Fungible Tokens (NFTs) are digital assets that exist on a blockchain, which is a distributed public ledger that records transactions1. NFTs are typically created on platforms like Ethereum, although other blockchains can also support them1.NFTs work by using a process called “minting,” where the asset’s information is encrypted and recorded on a blockchain. This minting process…
Fungible and non-fungible tokens are two distinct types of digital assets that serve different purposes in the blockchain ecosystem.Fungible tokens, also known as cryptocurrencies, are interchangeable and have uniform properties. Each unit of a fungible token is identical in terms of its properties, value, and characteristics. They are divisible into smaller units and can be…
NFT trading experienced a massive surge in 2021. According to the search results, 2021 was the most profitable year for NFT creators and collectors, with several art pieces selling for millions of dollars. Digital artist Pak sold his “Merge” NFT for $91 million, while Beeple traded “The First 5000 Days” NFT for $69.3 million3. The NFT…