This term has been a topic all around the internet for the last couple of years, but so many don’t quite understand exactly, “What are NFT’s” and how are they collectible?
In this article we will help simply by explaining “what are NFT’s”.
To start, NFT is an acronym for “Non-Fungible Tokens”. Sounds techy, right? To break that down these are part of the big crypto world. NFT’s usually are pieces of digital art that have been placed on the Blockchain to create the value of that piece(s) of art, video or other asset and minted to make the collectible have value. Once NFTs are minted* and included in the Blockchain they become included in the crypto ecosystem. The system then has a digital log of ownership that follows the NFTs like a house deed, for the lifetime of the collectible.
Many platforms, including Panini’s Blockchain Marketplace, has the digital log of each NFT Trading Card or Trading Card Pack. The digital log tracks the owners, how long the owner owned the collectible, the sales of the digital collectible, and offers a place to view galleries of other cards collectors have placed in the marketplace. Another feature of the Panini Marketplace is the ability to trade, auction, bid and buy NFL, NBA, UFC and Soccer trading card NFTs and unopened packs- all while tracking within the Blockchain!
Panini’s Discord is a place where collectors created a community to discuss digital collections, answer questions regarding their collection and to interact with other digital collectors!
*Minting definition: Minting an NFT means creating a unique token on a Blockchain. Only after minting an NFT is the digital collectible stored on the Blockchain.
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