NFT collections and artists – those who want to buy NFTs for the first time need to get to know the world of NFTs & digital art. Because unlike physical art, there are also entire collections consisting of hundreds and even thousands of individual pieces here. Here is a small insight into a few examples of successful NFT collections: “CryptoPunks” and the “Bored Ape Yacht Club”.
The abbreviation NFT stands for “Non-fungible Token” and translates to “non-replaceable token”.
Quick explanation: Until now, digital works could be copied infinitely. With NFTs, the history of a digital work is documented. This makes the history from its creation through all transactions visible to everyone. Similar to physical artworks, this allows the authenticity to be verified. How successful NFT art can be is shown by examples such as the project “5.000 Days”, which was auctioned at Christie’s for 69 million US dollars.
For the documentation, an NFT uses a blockchain, often Ethereum. The blockchain then documents all transactions, as described from the publication through all transactions.
