NFT Services

NFT stands for Non-Fungible Token. This essentially means a “token”, or asset, that cannot be reproduced. Any digital file can be made into an NFT, transforming that file into a token that is impossible to reproduce or copy, becoming a one-of-a-kind piece of code, protected and stored on a shared public exchange. Once the file becomes an NFT, it is a completely unique digital item that nobody else can own. Just like the original of a famous artwork, NFTs derive their value from their originality. Though they exist virtually, NFTs can be programmed to react to real events, and accompanied by real items once sold.

Any piece of digital information can be made into an NFT, and this process is called minting. When an NFT is minted, it becomes part of the Ethereum blockchain, a public ledger that is tamper-proof and unchangeable. This is how an NFT becomes irreproducible and unique – its inextricable connection to the blockchain makes it “one of a kind”, and the ownership of the NFT is recorded on the blockchain. This gives the owner a kind of digital certificate that proves the authenticity of their digital asset.

NFTs are bought and sold on a number of online marketplaces: major markets include OpenSea, Rarible and Foundation. These marketplaces require buyers to have a digital wallet and use cryptocurrencies such as Bitcoin and Ethereum to pay for their purchases. They operate a lot like eBay, as buyers from all around the world bid for ownership of NFTs in real time. Although most NFTs are sold online, some are now being auctioned in the real world at famous auction houses such as Christie’s and Sotheby’s. After their initial sale, NFTs provide royalties for their creator upon every repeat sale in the secondary market.