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What are NFTs and why are some worth millions?

An NFT, non-fungible token, is a unit of information or data stored on a digital ledger, called blockchain, certifying a digital asset to be special and therefore not interchangeable.

NFTs can represent art, images, audio, videos, games, and all other kinds of computerized files. Access to any sample of the original file is not restricted to the buyer of the NFT. Moreover, while copies of these digital items are available for anyone to obtain, NFTs are tracked on blockchains to offer the owner proof of ownership that is somewhat distinct from the copyright.

It is reported that the NFTs’ market value tripled in the year 2020, reaching more than 250 million dollars. During the first quarter of 2021, NFTs’ sales passed about 2 billion dollars.

This guide will cover the basics of NFTs; therefore, by having this book, you will know what an NFT is and why people may start using them more frequently than they do now. It will also touch on the legal issues NFTs have faced since their creation.

In this guide, you’ll find:

– NFTs and Fungible Items
– A fungible item – what does this mean?
– What are NFTs?
– How is NFT different from cryptocurrency?
– The History and Emergence of NFTs
– How do NFTs work?
– Can the government tax NFTs?
– Why do NFTs have value?
– How do I Create my NFT?
– Creation Process
– How and Where Can I Buy NFTs?
– What Risks Are Involved? Legal Implications
– Taxation and Copyright
– Money Laundering
– SMART contracts
– The Future of Non-fungible Tokens

And much more!

Publication date ‏ : ‎ September 17, 2021
Language ‏ : ‎ English
File size ‏ : ‎ 2011 KB
Simultaneous device usage ‏ : ‎ Unlimited
Text-to-Speech ‏ : ‎ Enabled
Screen Reader ‏ : ‎ Supported
Enhanced typesetting ‏ : ‎ Enabled
X-Ray ‏ : ‎ Not Enabled
Word Wise ‏ : ‎ Enabled
Sticky notes ‏ : ‎ On Kindle Scribe
Print length ‏ : ‎ 45 pages