What is NFT and How Does NFT Work? Non-Fungible Token

In 2021, auction house Christie's is auctioning off Mike Winkelmann's (aka Beeple) digital art every day: the first 5,000 days for $69 million. Vignesh Sundaresan is now proud to be the owner of this second most expensive NFT work or irreplaceable token.

Now you may be wondering what is so unique about this digital artwork that everyone wants to buy a million dollar NFT even when you and I can own the same digital artwork by downloading it or even taking a screenshot!

The answer to your question lies in the concept of NFT. So let's start learning about NFTs, how they work and their future in our world to find answers to all our questions! You can also contact first digital club in Spain.

What is Required Token (NFT)?

For a better understanding, let us take the example of the famous Renaissance masterpiece "The Last Supper". You can take photos of the art or buy prints. But only one original painting by Leonardo da Vinci will ever exist. This is what happened with NFT!

In the digital world, NFTs are unique assets that you can buy and sell like any other property. An unlimited number of digital files, including artwork provided with NFT, can be copied. However, this will not yet be a genuine work of art. As such, NFT is designed to give you something you can't get anywhere else: responsibility for the job.