How Does NFT Work?

NFTs are created and stored on blockchains. They represent physical and digital goods that have been “tokenized” and assigned unique codes as proof of their authenticity. When someone purchases an NFT, they buy a token representing the asset.

Once the purchase process is complete, the property is recorded in the blockchain and cannot be manipulated in any way. This allows anyone on the blockchain to verify and trace the authenticity of the property.

You can also browse rfyn.io/ to know more about NFT.

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The introduction of NFT allows creators and artists to generate income from their work without having to work with intermediaries such as art galleries or record labels. This leveling of the playing field helps remove the friction that exists in the industry and makes fine art expensive.

It also offers shoppers another way to support their favorite content creators as the NFT platform remains accessible to everyone in the digital space.

Keep in mind that given that the industry is still in its infancy, many NFTs may try to sell you rights to assets they are not entitled to transfer, or give you empty tokens with no legal rights to sell. Please research the market and your NFT issuer to ensure that the tokens you purchase are indeed related to applicable legal rights.