A collectible, commonly known as an NFT (non-fungible token), is a unique digital asset representing ownership of a specific item or piece of content on the blockchain. Unlike cryptocurrencies like Bitcoin or Ethereum, which are fungible (each unit is identical and can be exchanged one-to-one), collectibles are non-fungible, meaning each one has a distinct value and identity.
The uniqueness of collectibles
Each collectible is linked to a specific digital item and recorded immutably on the blockchain, ensuring that ownership and provenance are transparent and secure.
Why NFTs are non-fungible
NFTs are non-fungible because they are unique and cannot be exchanged one-for-one like traditional currencies. This uniqueness gives each NFT its own identity and value, making them distinct from other digital assets and adding to their appeal for collectors.
Buying and selling collectibles
You can buy and sell collectibles on various marketplaces, such as OpenSea, Zora, and Foundation. These platforms provide user-friendly interfaces for browsing, discovering, and purchasing collectibles. Transactions typically use Ethereum’s native currency, Ether (ETH), or other tokens. Some marketplaces also support auctions, allowing you to bid on collectibles and compete with other potential buyers.
Collecting and showcasing collectibles
Digital collectibles have become increasingly popular. Some collectibles offer utility or access to exclusive content or experiences, enhancing their value for collectors. Family lets you conveniently browse and manage all your digital collectibles in one location.