NFTs are becoming more and more popular and visible, but what actually are they?

An NFT is a NON FUNGIBLE TOKEN which means 'a token that cannot be replaced or swapped for something else'. This technology is built on the same concepts as crypto currency, using the BLOCKCHAIN to issue UNIQUE TOKENS as records of ownership for digital items.

This technology is again very new, but as it develops it is showing itself to be versatile and suitable for application across a wide range of creative industries. Some of the ways this technology has already been used is to issue limited edition ownership of album releases, concert ticket sales, sale of digital artwork, exclusive participation in creative communities and many more.

As this technology develops and becomes even more adaptive, students with an understanding will be well positioned to use it for their own benefit, or as part of a bigger creative organisation to help implement it.

Currently, most NFTs operate in their own marketplaces which are used to trade between users. One of the most prominent and reliable platforms for this is OpenSea. Creators can MINT their digital assets (artwork, videos, images etc) to convert them to NFTs and then use the platform to sell their work. Currently the system all operates using a cryptocurrency called Etherium, so in order to buy and sell any NFTs you need to become familiar with transferring money into cryptocurrency.

The OpenSea platform offers some brilliant guides on how to navigate the processes as well as highlighting the potential risks associated with any financial transactions.