What is a Non-Fungible Token (NFT)?

Mike Winkelmann, known as Beeple, sold his product as NFT. The JPEG image “Everydays: The First 5,000 Days” was sold for $ 69.4 million, the highest price paid in an NFT. The work is also the third most expensive work among living artists. So what is this Non-Fungible Token, and how expensive is it?A Non-Fungible Token is a single token that is encrypted on the blockchain network. As it is known, bitcoin is a changeable coin, but NFTs cannot be changed. The most important feature of NFT is that it is a unique and proprietary asset. In the simplest terms, tokens are different from normal coins because they are produced in different values ​​and originality that cannot be interchanged.NFTs, also known as immutable tokens, use Blockchain infrastructure. With this technology, digital storage of all visual, written, and audio works in digital can be achieved. NFT is used to describe assets created using blockchain technology.Most NFTs are part of the Ethereum blockchain. Ethereum is a currency like bitcoin and dogecoin, but the blockchain also supports NFTs. What makes an NFT unique is that it is tied to the token. NFTs have metadata processed through a cryptographic hash function, an algorithm that computes a unique string of letters and numbers. NFTs are also used to create the possibility of asset interoperability across multiple platforms.NFTs are a new type of collection. However, unlike a stamp or ticket, it is completely digital. NFTs are a certificate of authenticity created by the blockchain for a digital asset such as artwork, music, or video. It is a digital market. The market has attracted a lot of attention, with a digital artwork sold for $ 69.3 million at Christie’s auction.Still confused, aren’t you? Come on, let’s mix a little more. Does buying an NFT mean you own…