What are NFTs? How they work. The history. - Rinmac Consulting

Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the wp-plugin-bluehost domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home2/saleslis/public_html/rinmac/wp-includes/functions.php on line 6121

Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the js_composer domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home2/saleslis/public_html/rinmac/wp-includes/functions.php on line 6121

Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the google-analytics-for-wordpress domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home2/saleslis/public_html/rinmac/wp-includes/functions.php on line 6121

Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the instagram-feed domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home2/saleslis/public_html/rinmac/wp-includes/functions.php on line 6121

Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the mesmerize domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home2/saleslis/public_html/rinmac/wp-includes/functions.php on line 6121
What are NFTs? How they work. The history. - Rinmac Consulting

What are NFTs? How they work. The history.

Rinmac Author Tech bites April 6, 2022 | 0

What are NFTs?

An NFT is a digital asset that represents real-world objects like art, music, in-game items and videos

What does it stand for?

Non-fungible token.

non-fungible meaning that it cannot be duplicated. It is unique. This is the premise it is built on, a low supply and high demand and sparse availability.

How does it work?

NFTs uses blockchain technology like a cryptocurrency with a distributed public ledger that records transactions.

To purchase an NFT you will have to own a crypto currency such as Ethereum or Bitcoin. You cannot purchase an NFT with cash.

Background

It started in 2014, then gained momentum in 2021.

Some recent massive sells or purchases since are as follows:

Twitter CEO Jack Dorsey sold the first-ever published tweet for $2.9 million via an NFT
Painting by artist Mike Winkelmann sold for $69.3 million in 2021.
A Coin for the Ferryman sold for $6million

Follow Rinmac on social media for more good content, Facebook, LinkedIn, Instagram.

art bitcoin blockchain cryptocurrency ethereum fungible Nfts non-fungible

Rinmac Consulting

Rinmac is a female owned, company that works with a diverse clientele to solve their most pressing marketing challenges.

© 2025 Rinmac Consulting. Let's Grow your Business!.