What is NFT?

The acronym stands for a non-fungible token, a non-interchangeable token. NFT is the analog of securities. Buying an NFT token gives a person the right to own a digital object on the Internet: a gif, a picture, a photo, audio, or any other file he buys. And the best of them can be purchased on the Jupiter platform


And the value of these objects ranges from mere pennies to tens of millions of dollars. For example, bidding for a collage of 5,000 works by "Everydays" digital artist Mike Winkelman, known by his creative pseudonym Beeple, started at hundreds of dollars and reached $69.35 million.

Foolishness or genius: why buying a picture on the Internet for $69.3 million may be the best investment idea.

Until now, digital artists have made their money mostly with "commissioned" works and have rarely been considered real artists. In addition, their work was not available anywhere to sell. The emergence of NFT showed that they create real in-demand art and can earn it by making art.



Ethereum is the new Bitcoin.

NFT tokens are sold and bought mostly for the cryptocurrency Ethereum, which Vitalik Buterin invented. Ethereum is the second largest cryptocurrency in the world, with a market capitalization of $389 billion.

Its exchange units are called "ether" and are now second only to bitcoin, with a capitalization of $1.1 trillion. Moreover, Ethereum is both a payment system and a platform for developing blockchain-based applications.

The code for such applications runs on a distributed network rather than on a centralized server. This makes it impossible to censor the application.


With the advent of ether, complex transactions with different digital assets became possible, so we can say that Buterin invented NFT as well. In 2021, the programmer managed to become the youngest crypto-billionaire in the world and lose this status. After the jump in the currency, Buterin's fortune dropped by almost 40% and is now estimated at about $850 million.

In Europe, cryptocurrencies have not yet very clear status.