If you’ve been following the tech news lately, you’ve probably come across terms like Bitcoin, blockchain, and, more recently, non-fungible tokens (NFTs). Stories of multi-million dollar auctions for digital assets have piqued the interest of artists and collectors alike. However, what exactly are NFTs? And how do they operate?
Crypto is short for cryptocurrency, which is a digital or virtual currency that uses cryptography for secure financial transactions. Cryptocurrencies are decentralized systems that use blockchain technology to record transactions and manage the issuance of new units. They operate independently of a central bank and are not backed by any physical commodity or government.