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What Are NFTs? How Is Digital Art Worth Millions of Dollars?

What Are NFTs?

NFTs or Non-Fungible Tokens are digital assets like cryptocurrency. A digital ledger known as blockchain keeps the record of NFT ownership. The blockchain is similar to the ones used by Bitcoin and Ethereum.

How do NFTs Work?

NFTs are mostly part of the Ethereum blockchain. Ethereum is a cryptocurrency platform that supports non-fungible tokens. You can read about Ethereum in detail on this blog.

Why Buy an NFT?

You can buy NFTs as a speculative investment. The art you buy today for $100 million can be sold tomorrow for $500 million. However, it all depends on speculation.

AutoTrading Strategies is a consultancy company built by crypto traders and trading software developers.

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