>
Blog 1
111021BLOGIMG-1.jpg

Cryptocurrency & NFTs

“It used to be that if you were investing in crypto, you were kind of weird.”

But now the view has been changed due to NFT.

NFTs are attracting people with a broad range of interests such as music, art and culture who are setting up crypto wallets in waves.

Non-fungible Token (NFT) — since it is NOT interchangeable, they can act as proof of authenticity and ownership in the digital realm. This feature allows using them for tokenizing intangible objects, where they serve as proof of ownership. These rights are recorded on the blockchain, which cannot be forged or altered in any way. So, NFT has two important properties: UNIQUE and LIMITED.

NFT are issued on the Ethereum blockchain. In the NFT a lot of standards are adopted, but the most prominent of which is ERC-721. Or for example recently improved standard is ERC-1155, which allows single contracts to contain fungible and non-fungible tokens, opening up a whole new range of possibilities. Like other tokens, NFT can be stored in a personal wallet.

What is NFT used for? As we have already said, such tokens prove your ownership of something. These tokens could be a collectable item, an investment product, or something else. Also NFT can represent small chunks of real-world assets that can be stored and traded as tokens on the blockchain. This can provide the necessary liquidity for many markets that would otherwise not have a lot of participants. Such as handicrafts, real estate, rare collectables, rare whisky, rare wines. In essence, NFTs allow popularizing markets while reducing bureaucracy.

In AMEPAY Arts & Media NFT marketplace you can purchase the exclusive rights for digital assets created by the industry’s hottest stars with AME Tokens and you can sell your own digital assets too!