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NFT is the word of the year. Find out what it means here.

This fun pop tart kitten is famous as an early NTF art piece that sold for some serious scratch.

As part of our Entar membership-based investment newsletter, here is another installment of investment ideas beyond real estate.

What Are Nonfungible Tokens? How Do They Work? 

NFT art and collectible items have gone mainstream with breathtaking speed. We now have a better idea of why. Nonfungible tokens are fun, visualizable, culturally relevant, and they’re easy to understand in a way that many blockchain concepts are not. One popular urban dictionary has gone to crown NFT, the word of the year, beating out crypto for the title.

To start, NFT“nonfungible” means one of a kind, so NFTs are unique and cannot be replicated or replaced with anything else.

If all that an NFT signifies is a digital asset, meaning intangible, why are people spending millions on it? They spend so much because an NFT allows the buyer to own the original item. Also, it contains a built-in authentication, which is the proof of ownership for the buyer. Most collectors value these “digital rights” more than the item itself.

What Is NFT?

The word “nonfungible” means one of a kind. NFTs are digital assets that represent real-world objects like music, art, digital avatars or images, videos, or any other collectible items but cannot be duplicated. They are backed by blockchain technology. They have been around since 2014 but have gained popularity only now. 

 #entarispowerful #nonfungibleisfun

Interested in alternative investment ideas? Fill out the online form.

For much more profound insights into case uses for NTF’s beyond novelty. Check out one of the source articles for five exciting ideas about where NTF could go next.

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Crytocurrency is most often used to purchase NFT items. They both use blockchain technology

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