NFTs, Bitcoin, Blockchains, Blocks, Cryptocurrency, Hash, Miners, Public Private Key Pairs, Smart Contracts, Timestamps, Wallets

I’m an artist and I really wanted to understand NFTs and this is what I found from my research. I hope it helps you because it certainly increased my understanding of NFTs and their relation to other key terms related to NFTs.

What does NFT stand for?
NFT stands for non-fungible token. It’s generally built using the same kind of programming as cryptocurrency, like Bitcoin or Ethereum, but that’s where the similarity ends. Physical money and cryptocurrencies are “fungible,” meaning they can be traded or exchanged for one another. NFTs are certificates that are linked to the digital blockchains, which enables them to remain unique. They cannot be shared, copied, or divided and are a digital art form. Because of their uniqueness, NFTs are being sold in cryptocurrency and they do amount up to millions of dollars in the world.
What is an NFT and how does it work?
An NFT is a digital asset that represents real-world objects like art, music, in-game items, and videos. They are bought and sold online, frequently with cryptocurrency, and they are generally encoded with the same underlying software as many cryptos. 
An NFT – non-fungible token – is a digital asset that represents a real-world object like, for example, the Charlie Bit My Finger video that sold for £500,000 back in May. NFTs are bought and sold online, frequently with cryptocurrency, and are generally encoded with the same underlying software as many cryptocurrencies. Although they’ve been around since 2014, NFTs are gaining notoriety now because they are becoming an increasingly popular way to buy and sell digital artwork. A staggering £123 million has been spent on NFTs since November 2017. NFTs are also generally one of a kind, or at least one of a very limited run, and have unique identifying codes. “Essentially, NFTs create digital scarcity,” says Arry Yu, chair of the Washington Technology Industry Association Cascadia Blockchain Council and managing director of Yellow Umbrella Ventures. This stands in stark contrast to most digital creations, which are almost always infinite in supply. Hypothetically, cutting off the supply should raise the value of a given asset, assuming it’s in demand. But many NFTs, at least in these early days, have been digital creations that already exist in some form elsewhere – like the viral Charlie Bit My Finger clip or securitized versions of digital art that are already floating around on Instagram. For instance, famous digital artist Mike Winklemann, better known as “Beeple” crafted a composite of 5,000 daily drawings to create perhaps the most famous NFT of the moment, “Every day: The First 5000 Days,” which sold at Christie’s for a nearly £50 million. Anyone can view the individual images—or even the entire collage of images online for free. So why are people willing to spend millions on something they could easily screenshot or download? Because an NFT allows the buyer to own the original item. Not only that, it contains built-in authentication, which serves as proof of ownership. Collectors value those “digital bragging rights” almost more than the item itself.
– ID# 7523 sold for $11.8 million: This CryptoPunk is the second most expensive NFT sold for a whopping $11.8 million. The artist sold this ‘Covid Alien’ in Sotheby’s auction house in June 2021. This is one of the most sought-after alien punks all over the world.
What is an example of NFT?
Non-fungible tokens can digitally represent any asset, including online-only assets like digital artwork and real assets such as real estate. Other examples of the assets that NFTs can represent include in-game items like avatars, digital and non-digital collectibles, domain names, and event tickets.
What does owning an NFT mean?
An NFT — short for a non-fungible token — essentially allows its buyer to say that they own the original copy of a digital file, in the same way, you might own the original copy of a piece of physical art or the master file of a music recording.
What is this Cryptocurrency?
A cryptocurrency is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend. Many cryptocurrencies are decentralized networks based on blockchain technology—a distributed ledger enforced by a disparate network of computers.
What is NFT in social media? Social media networks are jumping on the NFT (non-fungible tokens) bandwagon. It all started when the ‘Twitter Blue’ account users were offered to put NFTs as profile pictures.
Is Bitcoin an NFT?
NFT stands for non-fungible token. It’s generally built using the same kind of programming as cryptocurrency, like Bitcoin or Ethereum, but that’s where the similarity ends. Physical money and cryptocurrencies are “fungible,” meaning they can be traded or exchanged for one another.
What are crypto and NFT?
Cryptocurrency tokens are fungible tokens, similar to fiat currencies, like a dollar.NFTs create one-of-a-kind tokens that can show ownership and convey rights over digital goods.
Where can I sell NFT art?
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