What are NFTs?
Nonfungible tokens are a type of digital asset created to track ownership of a virtual item using blockchain technology. … NFTs have boomed in popularity this year along with a rise in the values of digital currencies, like ether and bitcoin.

Why NFTs are so expensive?
Traditional works of art such as paintings are valuable because they are one of a kind. But digital files can be easily and endlessly duplicated. With NFTs, artwork can be “tokenised” to create a digital certificate of ownership that can be bought and sold.

Why people are buying NFTs?
The CEO of SuperRare, another NFT site, told Insider people are motivated to buy NFTs because it provides a unique connection to the creator that does not exist with any other art form. Crypto art has also spawned entire communities online.

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