An NFT is a Digital Asset stored on the blockchain.
These Digital Assets hold information, like descriptions, properties, and media files like digital art or video, music, gifs, games, texts and memes + more!
The history of every NFT is recorded on the blockchain, meaning buyers can prove their ownership and creators can receive royalties every time their work is re-sold.
NFTs can be traded on marketplaces, proudly displayed in online galleries or used to access exclusive content and real-life experiences.
✅ Unique, one-of-a-kind, and non-interchangeable.
✅ Provably scarce,
✅ Liquid, and
✅ Usable across multiple applications.
NFT is an acronym for Non-Fungible Token (which is often misspelled as Non-Fundable Token).
Cryptocurrencies are considered fungible.
This means that each unit or token or coin are the same and equal and can basically be replicated.
Non-Fungible tokens are the opposite.
They are unique and can't be replicated.
OpenSea is currently the world's largest NFT marketplace and can be used to create, purchase + trade NFT's.
This FAQ was created James D. Ford GAICD | Principal Solicitor, Blue Ocean Law Group℠.
This FAQ is intended for general interest + information only.
It is not legal advice, nor should it be relied upon or used as such.
We recommend you always consult a lawyer for legal advice specifically tailored to your needs & circumstances.