NFT- Non Fungible Token

Non-fungible token

• Non-fungible” more or less means that it’s unique and can’t be replaced with something else.
• If you traded it for a different card, you’d have something completely different.
• An NFT is worth what someone is willing to pay for it
• A special kind of crypto asset, one that is nonfungible, meaning provably unique.

Example

• Twitter’s founder transforming the first tweet into an NFT and putting it up for sale.
•  NFT of a New York Times column earning half a million dollars for charity.

Working

•  NFTs are part of the Ethereum blockchain.
•  Ethereum is a cryptocurrency
•  When you pay for an NFT, what you get is the right to transfer the token to your digital wallet.
• The token proves that your copy of a digital file is the original, like owning an original painting.
• Your private crypto key is proof of ownership of the original. The content creator’s public crypto key serves as a certificate of authenticity for that particular digital artifact.
• As it is stored in a shared global database. This database is decentralized using blockchain, so that no single individual or company controls the database. As long as the specific blockchain survives in the world, anyone can read or access it, and no one can change it.

What’s worth?

• NFTs can really be anything digital (such as drawings, music)
• The truth is that the value of any NFT is speculative.
• current excitement is around using the tech to sell digital art
• You can copy a digital file as many times as you want, including the art that’s included with an NFT.
• NFTs are designed to give you something that can’t be copied: ownership of the work
•  Anyone can buy a Mona Lisa print. But only one person can own the original.
• The art in your home communicates your interests and tastes.
• You can participate in a community

Unique?

• There’s only one definitive actual version, it could also be like a trading card, where there’s 50 or hundreds of numbered copies of the same artwork.
• They’re the future of fine art collecting.
•  NFTs, which allow people to buy and sell. These include OpenSea, Rarible, and  Nifty Gateway
• The buyers weren’t really buying a banana, they were buying the right to say they “owned” this artwork.

Part of the allure of blockchain is that it stores a record of each time a transaction takes place, making it harder to steal and flip than, say, a painting hanging in a museum.

Concern

The major concern is that these are not Eco-friendly(post on that very soon).

 

So that was all the things you need to know form fundamental base for NFTs. For more information regarding these, there are plenty of websites on the internet regarding the same. There are also a lot of NFTs available on the internet for people to buy.Here, is a info graphic to summarize it all.

 

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