🔑 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.
🔑 What is an NFT 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.
