NFT stands for Non-Fungible Token. It’s a unique digital asset stored on the blockchain that proves ownership or authenticity of an item such as art, music, collectibles, or virtual items. Unlike cryptocurrencies like Bitcoin or Ethereum, NFTs cannot be exchanged on a one-to-one basis — each one is distinct and valuable in its own way.
The value of an NFT depends on its uniqueness, creator reputation, utility, and demand. Just like traditional art, an NFT’s worth increases when collectors desire it or when the artist becomes more popular. Limited-edition drops on Artsquid also create exclusivity that drives up value.
NFTs exist on blockchain networks like Ethereum, Polygon, or BNB Chain, the same technology that powers cryptocurrencies. While crypto is used for payments and transfers, NFTs are digital representations of ownership. On Artsquid, you use cryptocurrency to buy, sell, or trade NFTs safely and transparently.
NFTs have opened a new era for creators and collectors by allowing art to exist in the digital realm. Artists can now sell their work directly to fans and earn royalties from future sales. On Artsquid, digital art, collectibles, and experiences can all be owned, traded, and displayed globally.
NFTs are still evolving, and questions about environmental impact, regulation, and long-term sustainability continue to arise. As the industry matures, platforms like Artsquid are focusing on transparency, innovation, and user protection to make NFTs safer and more accessible for everyone.