What is NFT?
A non-fungible token (NFT) is a unique and non-interchangeable unit of data stored on a
digital ledger (blockchain). NFTs can be associated with easily-reproducible items such
as photos, videos, audio, and other types of digital files as unique items (analogous to a
certificate of authenticity), and use blockchain technology to give the NFT a public proof
of ownership – (source: Wikipedia)
How does NFT work?
NFTs exist on a blockchain, which is a distributed public ledger that records transactions.
NFTs are like physical collector’s items, only digital. So instead of getting an actual oil
painting to hang on the wall, the buyer gets a digital file instead.
They also get exclusive ownership rights. That’s right: NFTs can have only one owner at a
time. NFTs’ unique data makes it easy to verify their ownership and transfer tokens between
Why do people invest in NFT?
Belief in technology: - NFT investors see long-term value in them and believe they will
appreciate over time
Social capital: - Owning NFTs also offers a form of social status in the digital community
What are the NFT Features?
1. Unique ID
2. It is not interchangeable with other tokens
3. Ownership information on the token is always verifiable
4. It is based on Ethereum and can be sold or purchased on any Ethereum-based NFT marketplace
5. It cannot be manipulated
6. It can be resold if resale rights have been earned
7. If cannot be deleted from the Ethereum wallet
What if I lost my digital wallet?
The best way to prevent a lost wallet or wallet address is to make numerous physical copies of your
seed phrase (“Secret Recovery Phrase”) and to store these copies in safe places you know and trust.
Unfortunately, if you forget your password and lose all copies of your seed phrase, not much can be
done to recover your wallet. We advise you never share your password or your seed phrase with
anyone, and please ensure to keep it safe.
Disclaimer: We are NOT financial advisors and these are no meant to be any form of investment tips