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NFTs can also function to represent individuals' identities, property rights, and more. Ethereum was the first blockchain to support NFTs with its ERC-721 standard and this is currently the most widely used. Many other blockchains have added or plan to add support for NFTs.

NFTs are currently taking the digital art and collectibles world by storm. Digital artists are seeing their lives change thanks to huge sales to a new crypto-audience. And celebrities are joining in as they spot a new opportunity to connect with fans. Really they can be used to represent ownership of any unique asset, like a deed for an item in the digital or physical realm.

The creator of an NFT gets to decide the scarcity of their asset. Or, you can hold it forever, resting comfortably knowing your asset is secured by your wallet on Ethereum. You can sell it, and in some cases this will earn the original creator resale royalties. Each token has an owner and this information is easily verifiable.

In theory, this would unlock the possibility to do things like own a piece of a Picasso. You would become a shareholder in a Picasso NFT, meaning you would have a say in things like revenue sharing. It's very likely that one day soon owning a fraction of an NFT will enter you into a decentralised autonomous organisation for managing that asset.

By enabling digital representations of physical assets, NFTs are a step forward in the reinvention of this infrastructure. Much of the current market for NFTs is centered around collectibles, such as digital artwork, sports cards, and rarities. Perhaps the most hyped space is NBA Top Shot, a place to collect non-fungible tokenized NBA moments in digital card form. NFTs are typically Ethereum blockchain-based tokens, and they’re used to authenticate digital ownership of whatever asset is attached to the token. Ethereum's blockchain can be thought of as a shared global database and virtual machine.

Digital artist Beeple sold "Everydays — the First 5000 Days" for $69.3 million through a Christie's auction. Owing to its increasing popularity, people are now willing to pay hundreds of thousands of dollars for NFTs. You’ll need a digital wallet that allows you to store your NFTs and cryptocurrencies. Once a transaction is confirmed, it's impossible to manipulate the data to forge the ownership. Although NFTs are created using the same kind of programming language as other cryptocurrencies, that's where the similarity ends. The majority of NFTs reside on the Ethereum cryptocurrency's blockchain, a distributed public ledger that records transactions.

Non-fungible tokens are much different from other cryptocurrency investments. Many of these tokens don’t have value from their utility like other cryptocurrencies. Instead, NFTs have value because of the media attached to them –– the most common forms of media on NFTs today are art and music, but NFTs have the potential to tokenize any real world asset.

Non-fungible tokens are one of the fastest-growing sectors in the crypto industry. In this guide, we explore what they are, how they work, and how they're being used. NFT creators pay income tax, while NFT investors are subject to capital gain rules.

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