Unlike cryptocurrencies, NFTs are unique. Each NFT generated adheres to the Ethereum token standard of ERC-721 and is a verifiably unique asset worth whatever someone is willing to pay for it.
By employing the blockchain's ledger, NFTs enable artists to demonstrate provenance and establish a chain of ownership.
NFTs are creating waves in a field that established investors have long dominated. The markets OpenSea, Nifty Gateway, and SuperRare are now bringing together artists and investors to create a revolution in the market.
Even after a piece has been sold several times, the original artists can still get a cut of the proceeds. This usually ranges from 5 to 10 percent.
NFTs give meme makers a way to immortalize their works, like Nyan Cat, the Success Kid. The NFT offers collectors the chance to acquire a piece of meming history for the price of $1 million on Foundation.