What is an NFT?

What is an NFT? An NFT is a non-funglible token. What does fungible mean? Fungible means interchangeable. What is a token? A token means a cryptocurrency. So, and NFT is something unique and non interchangeable that resides on a blockchain like a cryptocurrency. NFTs are typically some type of media: music, pictures, combinations, or text that is hosted in a server and that picture is then linked to a specific token that resides on a blockchain.

Imagine a collectible baseball card that is unique and you can prove that you own. That is an NFT in a nutshell. Check out https://opensea.io/ and see what is trending. You can use different wallets to connect to open sea and buy NFTs. Many people trade them trying to turn a profit. Some people enjoy the artwork.

The picture I have attached is my bears deluxe that i purchased. https://www.bearsdeluxe.io/ has some interesting ways to keep you involved in their ecosystem. Many NFT projects use discord and twitter to convey messages and keep their owners up to date.

The Bradley Law Firm has worked with projects to form a legal roadmap and set up your company to be able to enjoy peace of mind when dropping your NFT project on the world? Do you have an idea for an NFT? Give us a call.