What is an NFT?
NFT stands for non-fungible token. That means it's a unique, easily verifiable and non-interchangeable unit of data stored on a digital ledger using blockchain technology to establish proof of ownership.
What the heck is a blockchain?
It's a digital public ledger that guarantees the legitimacy of the NFT.
How is an NFT different from a Jodie King original painting?
The Freedom Collective’s NFTs will be digital works of art, similar to the paintings themselves but enhanced and adapted for the online marketplace.
But what do you actually DO with it?
Ahh...GREAT question! The collectors of the NFTs will be able to either hold onto the NFT as a collectible or re-sell it on the blockchain with cryptocurrency.
Why would I want to own one?
One reason to buy an NFT is for emotional value just like physical objects. The other reason is to be able to use it as a potential investment since you are able to resell your NFT’s.
Should I resell my NFT or hold onto it?
It depends. NFTs are like any other collectible. The value usually goes up over time, so if you believe that the artist and their work will gain in value, you might hold onto it. Others may want to flip it sooner rather than later. You do you!
Do I need Cryptocurrency to purchase the NFT? If so, which one?
Yes, you do. Every marketplace is different, but for OpenSea, which is where the Freedom Collective NFTs will be available, you’ll need to purchase ETH. Don’t worry, it sounds more complicated than it is! Check out this link from OpenSea that walks you through how to get your crypto wallet all set up and ready to make a purchase.
Do I have to purchase the NFT if I bought the original painting?
Nope, the NFT is a completely optional additional purchase.