NFT stands for Non-Fungible Token. Every NFT represents the ownership of a singular piece of digital property as a token. These tokens exist on and are secured by a blockchain so as to be resilient against theft or copy attempts.
…Okay, I admit, that is perhaps a lot to digest. Let’s break this down Cryptocurrency for Freshmen style.
A blockchain is a distributed public ledger that records verified information throughout a network of computer systems around the world. Since they’re verifiable, decentralized records, blockchains are incredibly troublesome to tamper with. When an entry is verified onto a blockchain it’s basically immutable from then on.
Fungibility is the ability for goods or assets of the same type and equal worth to be traded or exchanged.
While there are highly fungible cryptos like Bitcoin (that means every Bitcoin shares the very same properties as every other Bitcoin and can subsequently be traded 1 for 1), there are no two NFTs that are exact equals of another. Even if 100% of 1 NFTs’ contents are copied into another it will by no means be original.
So while anybody can copy some image from off the internet, nobody can ever make a duplicate of or steal an authentic NFT thanks to blockchain technology. Hence, the ‘Non-Fungible’ part of the name.
The whole NFT market is kind of like evaluating apples to apples — however imagine we’re comparing granny smiths to honeycrisps, or fuji apples vs galas. Oh, and we only have one hundred apples. Many will be similar, but no two will have the exact same weight, shape, coloration, flavor, quantity of seeds, and so on. Even if we compared one granny smith to another.
Creating, or moderately, minting NFTs is pretty straightforward. Once you’ve made the artwork you need to turn into an NFT, choose a blockchain that supports NFTs. The most well-liked is at present Ethereum.
By the way, your NFT can be a photograph, painting, image, gif, video, music, meme, or really any digital piece you have mental property rights to, so get creative!
The NFT minting process requires a crypto funding upfront to add to the blockchain, so that you’ll have to make a digital wallet with the intention to switch crypto in and out. You’ll also acquire your earnings through this wallet if you sell your rockstar NFT!
NFTs don’t must be super expensive though. The average price for an NFT varies from marketplace to marketplace, however most run on Ethereum’s blockchain. On ETH, it costs a minimal of about 0.6ETH or $250. So most projects find yourself in the $250-$1000 range. That’s a lot more palatable, proper?
So what have we realized? In brief, Non-Fungible Tokens characterize unique pieces of digital property which might be secured by a blockchain. They draw value from association to an artist, the scarce communities they reside in, as well because the artistic qualities they could contain.
These items of digital property may be just about anything you want them to be, as long as you may have the rights to the creation. Plus, they appear to be a cornerstone technology for the digital future fast approaching.
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