(DailyDig.com) – There seems to be a trend of non-fungible tokens, or NTFs, making headlines recently. While they’re certainly not new, dating back to 2014, these types of investments seem to have gained popularity in the past year. Perhaps the craziest aspect of NFTs is the fact that hardly anyone knows what they are.
Only 1 in 4 People Actually Know What an NFT Is https://t.co/EFxpwuZ1Dn
— Chimpunks (@ChimpunksNFT) March 31, 2022
So, what exactly are NFTs? The simplified version is that they’re digital assets. They can only be bought using cryptocurrencies, such as Ether or Bitcoin, and the ownership data is stored on a blockchain. NFTs serve as a way for people to expand their collections to the digital world. Some people like to collect beer cans, baseball cards, and certain merchandise, while others prefer to buy videos, digital art, and other items. NFTs are a way for people to buy, sell, and trade digital property.
Digital assets have increased in popularity over the past year, mainly because they’re accessible. Unlike with the stock market, it’s easy for an average person to get started. Most of these items are available online, many even for free. But NFTs are all about ownership — at least according to Dan Kelly, an avid collector and NFT advocate who spoke with Money.com.
NFTs are not cryptocurrencies, though you do need crypto to buy them. That being said, no dollar amount can buy these digital assets, not without buying crypto first. Want NFTs? Be ready to invest.
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