What is NFT? Why is it so popular?

Posted by Kinguin Team on Oct 13, 2021 3:26:30 PM

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Questions and answers to everything you want to know about Non-Fungible Tokens

NFTs have been a hot topic recently and their popularity is bound to grow. They’re a new way to own digital goods, ensuring a sole ownership of a unique, one-of-a-kind product or work of art. See the answers to frequently asked questions about the NFTs. Discover why they may become the next evolutionary step for gamers, digital communities, platforms and marketplaces.

‘What is exactly the NFT?’

NFT--a Non-Fungible Token-- is a digital asset sold using cryptocurrency or fiat payments, corresponding with a real or digital object. It can be a digital representation of a piece of art, a music track, a video or an item you use in a game. It is a unique and non-interchangeable unit of data stored on a digital ledger, called blockchain.

‘What makes NFTs so special?’

It’s the fact that they usually--not always though--represent a single object. Thus, they can ensure the sole ownership of the original picture, file, song etc., making it impossible to copy and distribute like other digital goods. It’s like having the first and only original version of a Picasso painting. However, NFTs can also be distributed in larger, although still limited quantities, making them priceless for the collectors.

‘What do I gain from owning NFTs?’

If you’re a collector, you gain a lot. You know how much rare physical editions of games may cost? Now, thanks to NFTs, the same kind of value can be associated with digital goods, including skins, artworks or albums. It’s because with NFTs, they become truly unique.

‘How are NFTs different from cryptocurrencies?’

The difference is in their non-fungibility. Fungible tokens are equal to each other: one hypothetical catcoin will always be worth, and will be possible to exchange, for another catcoin. NFTs are unique and their value is decided individually, based on their qualities and market perception.

‘How do I buy NFTs?’

First of all, you need to get a digital wallet to store and trade cryptocurrency. We recommend such solutions as Metamask. 

At Kinguin.net, depending on your region, you can also use fiat payments, for the transactions below 150 Euro. 

Then, you’ll have to get some crypto to pay for your NFTs. On Kinguin, we accept most popular cryptocurrencies including Bitcoin and Ethereum.

Lastly, take a look at Kinguin’s assortment of NFTs on sale and choose whatever you’d like to buy! The transaction itself is as simple as any online purchase--the difference is that you pay with your cryptocurrency.

‘So what kind of NFTs do you offer on Kinguin.net?’

If you’re interested in NFTs, take the first steps to owning them. 

  1. Browse our NFT section at www.kinguin.net 
  2. Select the desired product 
  3. log in to your Kinguin account 
  4. get your NFT transferred straight to your ERC-721 compatible wallet, such as metamaks

Happy shopping!

Topics: news, NFT

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