NFT collections and artists – if you want to buy NFT for the first time, you have to get to know the world of NFT & digital art first. Because unlike physical art, there are also entire collections of hundreds and even thousands of individual objects. Here is a small insight into a few examples of successful NFT collections: The “CryptoPunks” and the “Bored Ape Yacht Club”.
The abbreviation NFT stands for “Non-fungible Token” and translates as “non-replaceable token”.
Quickly explained: Until now, digital works could be copied at will. NFTs document the history of a digital work. This makes the history from creation through all transactions visible to everyone. Similar to physical works of art, the authenticity can be confirmed. The success of NFT art is demonstrated by examples such as the “5,000 Days” project, which was auctioned at Christies for $69 million.
For documentation, an NFT uses a blockchain, often Ethereum. The blockchain then documents all transactions, as described from publication, across all transactions.
