Recently, there has been an avalanche of cryptocurrency-related news that might have left lots of people wondering what is this industry all about. The founder of Twitter, Jack Dorsey, put up an autograph for sale as an NFT, the famous Nyan Cat was sold as one, and singer Grimes, who is also Elon Musk’s girlfriend, recently got millions of dollars for NFTs. So, what is this craze concerning NFTs all about? In this article, we will explain what is NFT crypto and how it can be used.

What is NFT crypto?

Firstly, the abbreviation NFT stands for non-fungible token. While this may not be of great help, it provides a clue into what this type of crypto actually is. The term “non-fungible” is related to something that is completely unique and cannot ever be replaced. For example, Bitcoin is a fungible cryptocurrency because it can be traded and replaced.

These NFTs are all part of the famous Ethereum blockchain and, even if ETH is actually a cryptocurrency, its system can also support NFTs. It’s important to note that other blockchains can also implement their own versions of NFT. These tokens can store information and this makes them function in a different manner than any other cryptocurrency token, like ETH.

As to what they actually are, you should know that NFTs can be anything digital, like music, pictures, information, etc. Its most popular use, however, is to use it to sell digital forms of art, like the aforementioned Nyan Cat or the Jack Dorsey tweet. In fact, many people have deemed this piece of tech as being the next step when it comes to fine art collecting but in digital form.

A type of digital art collecting?

Well, some people really seem to think so but there is a problem with paying lots of money for a piece of digital art. Recently, a 50-second video from Grimes sold for $390,000 and another one by Beeple for $6.6 million. There is nothing wrong with people paying for something they really enjoy but the actual issue is that any type of digital art can be obtained for free. You can download and copy it as many times as you want.

However, just like real art, many people can own a Picasso but only one has an authentic painting. The same goes for digital art with the mention that a Picasso can be authenticated while a photo of Nyan Cat probably not. So it can become very difficult to prove that you are the one who actually owns the real deal. Where is this NFT craze going? Nobody knows for sure. Still, it’s an interesting idea that, with a little more polishing, could become great.

So, now that we have explained what an NFT actually is and why it may be a messy concept, at least for now, it’s time to go to more serious and real things, like crypto trading. This time we want to recommend you an online exchange platform called Dexland that can help you enormously if you want to exchange various types of cryptocurrencies.

Dexland’s staff is highly qualified, and the company’s goal is to offer the best crypto exchange experience to those looking for a simple and safe process. They claim to provide the quickest and easiest way to exchange crypto with only a credit/debit card or a wire transfer. The Dexland website proposes a 4.7 percent charge, which includes VAT when it comes to exchanging prices. The website’s home page displays the purchasing and sale prices for both BTC and ETH, which you can use at any time. In case you’re looking for a trustworthy, helpful, and competent crypto exchange site, Dexland might be it. Please check out their official website for more details and decide whether or not this platform is suitable for you.