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{"id":981,"date":"2022-09-15T11:48:30","date_gmt":"2022-09-15T11:48:30","guid":{"rendered":"https:\/\/ap-wa-blog-admin-2.azurewebsites.net\/?p=981"},"modified":"2022-09-15T11:49:27","modified_gmt":"2022-09-15T11:49:27","slug":"amulet-explains-what-is-an-nft%ef%bf%bc","status":"publish","type":"post","link":"https:\/\/amulet.org\/blog\/amulet-explains-what-is-an-nft%ef%bf%bc\/","title":{"rendered":"Amulet Explains: What is an NFT?\ufffc"},"content":{"rendered":"\nNFTs have exploded in popularity in recent times. Digital assets are being sold for millions around the world, and the term NFT is on everyone\u2019s lips. But what exactly is an NFT? Are they the same as cryptocurrencies? Let\u2019s find out why this type of digital asset has become so popular and what you can do to protect your digital assets. <\/strong><\/p>\n\n\n\n A non-fungible token (NFT) is a unique digital asset that can be traded online. NFTs are frequently traded with cryptocurrency and are typically encoded with the same software as many of the world\u2019s most prevalent cryptocurrencies, highlighting the relationship between the two. <\/p>\n\n\n\n They first appeared in 2014, but NFTs have only recently captured the global imagination due to some of the eye-watering price tags associated with some purchases. For instance, a 2021 piece<\/a> by Pak called The Merge <\/em>sold for $91 million. <\/p>\n\n\n\n An NFT is usually one of a kind or at least one of a very limited run. They all come with identifying codes, which is what makes them unique. This posits NFTs in stark contrast to most digital creations, which are essentially infinite in supply. Even if you don\u2019t own an NFT, you can still view it online, which leads to the question – why would anyone be willing to pay so much money for a digital item that everyone else can view for free? <\/p>\n\n\n\n It all comes down to ownership. When you buy an NFT, it is yours and yours alone. Just like buying an original piece of artwork, you have proof of authenticity that lies in the built-in authentication. For example, crypto entrepreneur Sina Estavi paid<\/a> $2.9 million for Jack Dorsey\u2019s first-ever tweet. He now owns a piece of digital history that can never be replicated, which is essentially the point of paying high sums of money for digital assets in the first instance. <\/p>\n\n\n\n There are similarities between NFTs and cryptocurrencies, but they\u2019re not the same, and the clue is in the name. Cryptocurrencies are fungible, meaning they can be exchanged for one another. For example, one Bitcoin will always be worth one Bitcoin. This is what makes cryptocurrency a trusted means of conducting blockchain transactions. On the other hand, NFTs are non-fungible, meaning they all have a unique digital signature, and they cannot be exchanged as equal to one another. <\/p>\n\n\n\n NFTs exist on a distributed public ledger called a blockchain. Most NFTs exist on the Ethereum<\/a> blockchain, but they are supported elsewhere, too. They come in many forms, but it\u2019s common to see NFTs in the form of digital art, GIFs, videos, virtual avatars, video game skins, and even music. The best way to understand NFTs is to consider them as collectables, only that they\u2019re digital and not physical. <\/p>\n\n\n\n When they emerged in 2014, NFTs presented artists with a unique opportunity to earn money for their creations. Instead of relying on auction houses and galleries, people now have the opportunity to sell their digital creations online via a process that ensures their authenticity and guarantees payment. <\/p>\n\n\n\n When you buy an NFT, you need to make sure it is protected from potential cybercriminals and currently there aren’t many options. Amulet is a DeFi cover protocol for the Rust-based ecosystem, with initial deployment on Solana. In the future, we will protect a broad range of digital assets through our cover options, including against smart contract vulnerabilities and stablecoin depeg events and, also in the future, NFTs. Find out more<\/a> about how our coverage works, and follow us on Twitter<\/a> or chat to us on Discord<\/a> to keep up with our latest developments relating to Web3 protection.<\/p>\n","protected":false},"excerpt":{"rendered":" Amulet Explains: What is an NFT? Read our beginner’s guide here!<\/p>\n","protected":false},"author":3,"featured_media":1240,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-global-header-display":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","footnotes":""},"categories":[38],"tags":[],"class_list":["post-981","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-education"],"yoast_head":"\nWhat is an NFT? <\/strong><\/h2>\n\n\n\n
Are NFTs the same as cryptocurrencies? <\/strong><\/h2>\n\n\n\n
How do NFTs work? <\/strong><\/h2>\n\n\n\n
Protect your NFTs <\/strong><\/h2>\n\n\n\n