What is NFT?

An NFT, or Non-Fungible Token, is a unique digital item on a blockchain. Think of it like a digital trading card or a certificate of authenticity for a digital asset. Each NFT is one-of-a-kind and has a specific value determined by its rarity, demand, and other factors. 

An NFT can be digital art, music, videos, and other creative works. The ownership and authenticity of an NFT are tracked on the blockchain, making it easy to prove ownership and transfer the asset. 

Many artists regard forging NFT as a way to monetize their work and for collectors to invest in unique digital assets.

Glossary

• Blockchain is a decentralized digital ledger that allows users to store information securely and permanently. These ledgers track assets and transactions and cannot be modified or deleted.
• Minting is publishing a unique digital asset on a blockchain for the first time. The asset is stored in a decentralized ledger or database (i.e. blockchain) and cannot be modified or deleted.
• Wallets, in this context, are digital devices or platforms that store a user’s electronic keys and allow them to access their cryptocurrency and tokens. You’re probably familiar with earning tokens on gaming platforms like Plato. The place your tokens are stored is an example of a wallet.
• Drops are the initial releases of minted NFTs. This is a way for creators to communicate to their collectors that a new release is available for purchase or minting.
• Whitelists are lists of people granted priority access to an NFT at an appointed time. These lists contain wallet addresses rather than names or other identifying information.
• Polygon is a blockchain platform for fast and easy cryptocurrency transactions. To buy an NFT on Polygon, you must use Ethereum (ETH) or MATIC cryptocurrency.
• Ethereum is a blockchain used by many NFT artists for peer-to-peer transactions. It is also a widely accepted cryptocurrency.
• Signatures are unique strings of data that verifies ownership. They are used primarily to authenticate transactions.