What is an NFT?
A non-fungible token (NFT) is a non-transferable unit of data that may be sold, exchanged and held on a blockchain, a digital ledger. Digital files such as photographs, movies, and music are several NFT data units. NFTs vary from blockchain cryptocurrencies like Bitcoin in that each token is uniquely recognized. Most NFTs are, at a high level, part of the Ethereum blockchain. Ethereum, like Bitcoin and Dogecoin, is a cryptocurrency, but its blockchain also enables these NFTs, which hold additional information that allows them to function differently from an ETH coin, for example.
An increase has matched the boom in cryptocurrency transactions in NFT transactions, which have already surpassed $300 million per year. NFTs and virtual goods present both opportunities and challenges. The challenges include knowledge of NFTs and accessibility and awareness of NFT, with 48.7% of the world’s internet users not knowing what an NFT is despite its trend. The GOYA platform offers an avenue to enter this economy and make profits while everyone has not discovered it as a potent source of revenue and engagement.