• Mohamed Amneh

What are NFTs?

What is an NFT in simple terms?

Non-fungible tokens, or NFTs, are pieces of digital content linked to the blockchain, the digital database underpinning cryptocurrencies such as bitcoin and ethereum. Unlike NFTs, those assets are fungible, meaning they can be replaced or exchanged with another identical one of the same value, much like a dollar bill.

What are NFTs used for?

NFTs are "one-of-a-kind" assets in the digital world that can be bought and sold like any other piece of property, but which have no tangible form of their own. The digital tokens can be thought of as certificates of ownership for virtual or physical assets

Are NFTs a good investment?

Still, the perception that NFTs are a good and safe investment is, at this time, unrealistic. “While NFTs are a useful tool that leverage the utility of blockchains, the idea that they're a great or safe investment is flawed,” Thompson said

Where are NFTs stored?

Well, like cryptocurrencies, NFTs are stored in digital wallets (though it is worth noting that the wallet does specifically have to be NFT-compatible). You could always put the wallet on a computer in an underground bunker, though

How do I protect my NFTs?

NFTs should be stored in a secure location such as your software crypto-wallet which is generally protected by your 12-word seed phrase, a password, and touch authentication. For the best security, consider storing your NFTs in a cold storage hardware wallet.

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