LoveYourNuts NFT’s are coming soon.

What are NFTs?

An NFT is a digital ownership certificate. It usually represents the ownership of something physical or digital. Recently, NFTs have become very popular for the ownership of digital artwork – in this case, the NFT shows who the current owner of the artwork is, and also provides a link to the artwork itself. However, an NFT can also represent ownership of other digital items, such as a concert ticket or membership of an exclusive chatroom.

NFTs can also be used to represent ownership of things in the real world, much like your car’s registration certificate is proof of its current owner. For example, an NFT can represent ownership of a case of fine wine, and may indicate the wine’s name and vintage, and the cellar where the wine is stored. What make NFTs attractive in this regard is that they can be collected and traded without the need for the cellar to keep track of the current owner – and without the wine leaving the cellar until it is ready to be drunk.

An NFT lives on a global ledger of ownership called a blockchain. You own an NFT by having it in your blockchain wallet. If you purchase an NFT, you need a wallet in which to store it. Similarly, if you sell it goes to the next owner’s wallet.

NFTs use a type of programmable ownership, and their rules can be set by their creators. For example, the NFT’s “smart contract” may require that each time the NFT is traded, 10% of the sales price goes to the artist who created the work, or to a charity of the creator’s choice. These rules are automatically enforced when an NFT is traded on online markets.

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