Want to try to make money? Maybe it’s time to create or buy or sell NFTs. Many entrepreneurs in the Philadelphia area are doing this. But before you jump in, there are a few things you should know.
An NFT, which stands for non-fungible token, is a one-of-a-kind digital asset that can be made from just about anything that can be scanned, copied or photographed and then loaded onto a computer. When your digital asset — such as a photo or video — has its own NFT, you’re telling the world that it’s unique and can be bought and sold like any piece of art; an artwork can be copied but there’s only one original. A token is stored on the blockchain, a digital ledger on which every transaction must be verified by multiple sources.
Thanks to the blockchain, an enormous market of digital art has suddenly materialized over just the last few years. How enormous? The market is now at $40 billion, according to new research, and it’s expected to double in size in just the next few years.
NFTs are now being sold by celebrities such as Snoop Dogg, Ellen DeGeneres and Eminem. But more important, digital art marketplaces such as OpenSea (which was recently valued at $13 billion) and Foundation have created massive opportunities for countless entrepreneurs looking to sell their digital art to customers that just a few years ago would never have even existed.
Continue reading: https://www.inquirer.com/business/small-business/nft-tokens-art-blockchain-philadelphia-20220221.html
An NFT, which stands for non-fungible token, is a one-of-a-kind digital asset that can be made from just about anything that can be scanned, copied or photographed and then loaded onto a computer. When your digital asset — such as a photo or video — has its own NFT, you’re telling the world that it’s unique and can be bought and sold like any piece of art; an artwork can be copied but there’s only one original. A token is stored on the blockchain, a digital ledger on which every transaction must be verified by multiple sources.
Thanks to the blockchain, an enormous market of digital art has suddenly materialized over just the last few years. How enormous? The market is now at $40 billion, according to new research, and it’s expected to double in size in just the next few years.
NFTs are now being sold by celebrities such as Snoop Dogg, Ellen DeGeneres and Eminem. But more important, digital art marketplaces such as OpenSea (which was recently valued at $13 billion) and Foundation have created massive opportunities for countless entrepreneurs looking to sell their digital art to customers that just a few years ago would never have even existed.
Continue reading: https://www.inquirer.com/business/small-business/nft-tokens-art-blockchain-philadelphia-20220221.html
