What is an NFT? Unique tokens on a blockchain
By SendPay Business · · 2 min read
An NFT, or non-fungible token, is a unique token recorded on a blockchain. 'Fungible' means swappable: one pound coin is as good as another. An NFT is different because each one has its own ID, so no two are the same.
What owning an NFT means
Owning an NFT means your wallet holds that token on the blockchain. It doesn't automatically give you copyright in any image or file linked to it; that depends on the terms the creator sets.
How NFTs are used
NFTs have been used for digital art and collectibles, event tickets, in-game items and memberships, where proving who holds a unique item matters.
Risks to know
- Prices can be very volatile, and many NFTs have little or no resale market.
- Fake collections copy popular projects.
- Scam sites ask you to connect your wallet and sign away your assets.
Where SendPay fits
SendPay crypto exchange platforms let your customers buy, sell and hold crypto under your own brand, with assets held with regulated partners. SendPay does not offer NFT trading.
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This guide is general information, not legal or financial advice. SendPay Business is a technology company, not a bank, and does not take deposits; regulated services on the platforms are provided by licensed partners. PayPal, Patreon and Substack are named as reference points only and are not affiliated with SendPay Business.