Assets, Ethereum

Is Ethereum Used to Buy NFT?

Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of fraud or third party interference.

These apps run on a custom built blockchain, an enormously powerful shared global infrastructure that can move value around and represent the ownership of property. This enables developers to create markets, store registries of debts or promises, move funds in accordance with instructions given long in the past (like a will or a futures contract) and many other things that have not been invented yet, all without a middleman or counterparty risk.

NOTE: WARNING: Investing in NFTs is a high-risk activity and Ethereum (ETH) is the most commonly accepted cryptocurrency used to purchase NFTs. Before investing in any NFTs, please ensure that you understand the risks associated with investing in cryptocurrency and NFTs. You should never invest more than you can afford to lose. Additionally, it is important to research and review the specific NFT before making a purchase decision.

The project was bootstrapped via an ether presale in August 2014 by fans all around the world. It is developed by the Ethereum Foundation, a Swiss non-profit, with contributions from great minds across the globe.

Ethereum is used to buy NFTs because it is a decentralized platform that runs smart contracts. These apps run on a custom built blockchain, an enormously powerful shared global infrastructure that can move value around and represent the ownership of property.

This enables developers to create markets, store registries of debts or promises, move funds in accordance with instructions given long in the past (like a will or a futures contract) and many other things that have not been invented yet, all without a middleman or counterparty risk.

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