The collection contained many custom artworks but the big items were digital and physical NBA championship rings.

What is nft ring. What is an NFT. I know fungible is a ridiculous-sounding word. The sale netted the team more than 2 million and sold 327 NFTs.

An NFT can thus be understood as a collectors exclusive item existing in digital form. Today Im breaking down everything you need to know about NFTs. Tokenizing something with an NFT associates the token with the asset irrevocably and the two can be bought and sold as one.

Think of it like the haute couture of currency. They cannot be swapped because no two NFTs are the same. It was in 2017 where the format took off with the debut of tradeable cartoon cats known as CryptoKitties.

In comparison fungible tokens are identical sets of assets that can be stacked on top of each other with no ability to tell one from another. Music Artists As NFT Creators. Today big-name artists are catching on and getting into the NFT game.

If you go back to the 69 million artwork you can view the origin wallet address and the NFTs smart contract address. The winning bidder on the 1-of-1 Six-Time NBA Championship NFT will receive a one-of-a-kind physical ring created by jeweler Jason of Beverly Hills and receive the ring on-court at a future. NFT stands for non-fungible token Excuse me.

NFT stands for non-fungible token. A non-fungible token is unique and cannot be traded one-to-one. There are different numbers available for each type of ring.