Dear Parents and Carers,
A non-fungible token, or NFT, is a unique digital record of a particular file – such as an image, audio track or video (non-fungible meaning it can’t be replaced by an identical item). NFTs let digital content producers like artists and designers control how their work is distributed and monetised. The offline equivalent would be owning a limited-edition art print, signed by the artist, with a certificate of authentication. The value of NFTs is incredibly volatile, unregulated and very much based on hype, publicity and marketing. These digital assets – typically collectibles, avatars for social media profiles or character add-ons for online games – are traded in specialised marketplaces using cryptocurrency.
In the attached guide you will find tips on a number of potential risks such as IP theft, scams and financial loss.