Question 1

What are NFTs?

Accepted Answer

NFT stands for non-fungible token. When we say non-fungible, we mean something that is unique and cannot be copied. Fungible means something that can be copied or divided up with each unit being equal to all other units. Cryptocurrency is fungible. Person A’s bitcoin is the exact same as Person B’s bitcoin. They are interchangeable with no differences.

Question 2

Are Crypto and NFTs the Same?

Accepted Answer

NFTs and crypto are not the same thing. Cryptocurrency is needed to buy NFTs in Canada. Think of an NFT as the painting and cryptocurrency as the money used to pay for it.

Question 3

What Makes NFTs Valuable?

Accepted Answer

The rarity of NFTs make them valuable. As with any collectible item, the rarer your NFT, the more it is worth. Of course, NFTs are only worth what people are willing to pay for them.

Question 4

What is the Future of NFTs?

Accepted Answer

We think investing in NFTs is risky, but all crypto carries risk. Some people believe that the NFT art they purchase today will be worth much more in future, and others believe the NFT hype is already over.

Question 5

How to Buy NFTs in Canada

Accepted Answer

To buy NFTs in Canada, you will need to purchase cryptocurrency. The crypto you need to purchase depends on the NFT marketplace you choose.

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