What are NFT's, and why should I care?
Dave avatar
Written by Dave
Updated over a week ago

What does NFT stand for?

Non-fungible token.

Awesome, but what are they?

“Non-fungible” basically means that it’s unique and can’t be replaced with something else. For example, a bitcoin is fungible — trade one for another bitcoin, and you’ll have exactly the same thing. A one-of-a-kind trading card, however, is non-fungible. If you traded it for a different card, you’d have something completely different.

How do NFTs work?

At a very high level, most NFTs are part of the Ethereum blockchain. Ethereum is a cryptocurrency, like bitcoin or dogecoin, but its blockchain also supports these NFTs, which store extra information that makes them work differently from, say, an ETH coin. It is worth noting that other blockchains can implement their own versions of NFTs.

What’s worth picking up at the NFT supermarket?

NFTs can really be anything digital (such as drawings, music, your brain downloaded and turned into an AI), but a lot of the current excitement is around using the tech to sell digital art.

Why is Aglet involved in NFT's?

Aglet has been creating digitial artworks now for almost 12 months, and it makes sense for us to be involved in this space. We want to recognise creative design, and want to provide a platform for new and emerging designers to not only create and release new designs, but also profit from them as well.

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