🔑 NFT General FAQs

🔑 What does NFT mean?

NFT is an abbreviation for non-fungible token. A regular token is called fungible because it is the same, no matter its denomination. Whereas tokens with changing values are called non-fungible.

NFTs are stored on a blockchain (a digital ledger) that certifies a digital asset. An NFT can exist on its own or as a component of another object.

🔑 Are NFTs cryptocurrency?

No, NFTs are not cryptocurrencies.

NFTs are more like a stock – they have a price and a market cap, but unlike a traditional share, they don’t have a set mass or value.

🔑 Can an NFT be copied?

NFTs are unique digital assets that are certified on the blockchain.

🔑 Is the price of an NFT price-controlled by a central authority?

No. NFTs are utility tokens. Therefore, their price is not influenced by a central authority like fiat currencies (U.S. Dollar, Euro, etc.). The price of ETH (Ethereum) is traded globally 24 hours a day, 7 days a week.

You can also review five other wallet options on Analytical Steps website.

NFT General FAQs
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🔑 What is an NFT wallet?

NFTs are stored on a cryptocurrency wallet. Wallets support different blockchain protocols. Therefore, you must use a wallet that supports the blockchain protocol of your NFT. The majority of art NFT platforms use the cryptocurrency Ethereum or Ethereum-based currency.

You will need a crypto wallet if you want to buy NFTs.

The most universal wallet is Metamask. It supports Ethereum and Ethereum-based NFT platforms. You can explore Metamask’s website here.

Watch this YouTube step-by-step tutorial to setup your Metamask wallet. 👀

🔑 Is an Ethereum wallet private?

Yes and no. Ethereum wallets have a public address and private keys. The public address of an Ethereum wallet is a string of letters and numbers starting with “0x”.

To view your public transactions, put the URL below into a new browser window and replace YourIDNumber with your pubic wallet address.

https://etherscan.io/address/YourIDNumber

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