You’ve probably heard of NFTs (Non-Fungible Tokens) over the last month or so and for good reason. NFTs are exploding in popularity, seemingly out of nowhere. If you haven’t come across NFTs, or haven’t yet tried to wrap your head around the initially impenetrable world of cryptocurrency and blockchain as they collide with collectible markets, well, fair enough. But let me explain in simple terms what an NFT is and why it’s potentially so significant that Jean-Claude Biver is selling a luxury watch NFT. Very broadly speaking, an NFT is a piece of digital real-estate that is tracked on a blockchain, which is a record of digital transactions that can’t be tampered with. A non-fungible token is unique and isn’t interchangeable with anything else. If you trade one Bitcoin for another, you’ve got exactly the same thing that you started with. That isn’t possible with an NFT as they are all uniquely identifiable. NFTs are a part of the Ethereum blockchain – which is a cryptocurrency just like Bitcoin – and is the currency that NFTs are traded in. What does all that mean? It means that digital art, music, videos or images, basically anything digital can be defined as…
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