What are crypto NFTs?
NFTs are a branch coming out of the cryptocurrency system. You can think of them almost like a spin-off series of the main show.
The letters stand for ‘non-fungible tokens’. Bear with me, I realise that must look like mumbo jumbo.
A non-fungible token just means that it is one of a kind. So every non-fungible token is completely unique and cannot be replicated. These tokens are mainly built and used on the Ethereum blockchain network. Ethereum is a network with its own type of cryptocurrency called Ether (ETH).
How do NFTs work?
They mostly operate as an added layer on top of the Ethereum network. This just makes them a bit easier, cheaper, and faster to transact. A good way to picture them is as digital collectibles.