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What is an NFT?
If you happen to’ve been reading in regards to the cryptocurrency world, you’ve probably heard of something called an NFT and how the market surrounding these tokens is taking off. But what exactly is an NFT? And why would anybody buy one?
What's an NFT?
The letters NFT are an abbreviation, and they stand for non-fungible token. The word non-fungible basically means ‘not alternateable’ and thus, a non-fungible token is a token which is not alternateable on a one to one basis.
This doesn’t imply that one can not exchange an NFT for money, it just simply signifies that there is no universal worth which one can peg to each NFT. Each NFT will have a value which is unique to it, and its buyer. Think of NFTs because the fine artwork of the cryptocurrency world. Just as the value of a painting changes based on when, where, and to who it is sold to, NFTs also are able to vary value primarily based on completely different circumstances. Besides just digital paintings, NFTs can be music, movies, and even tweets from sites like Twitter.
The place are NFTs Discovered?
As talked about above, NFTs are basically digital art. This means you would discover them in online marketplaces for digital art. But this isn’t the only place you'll find NFTs, as they will usually be discovered within the video gaming world. This is because, in the modern day, there are a number of upgrades, reminiscent of outfits and weapons, which you can buy to your digital characters in a number of video games. These outfits and weapons are NFTs.
Who Can Make an NFT?
NFTs are built on various blockchains such as Ethereum and Tezos. This means anyone who has access to an NFT creation platform, and has a small quantity of ETH or XTZ, can create an NFT. An example is the artist Grimes, who created a bunch of NFTs within the form of unique digital renderings, and sold them in a web-based auction in February 2021 for over $6 million.
Conclusion
So what have we realized? In short, Non-Fungible Tokens symbolize unique pieces of digital property that are secured by a blockchain. They draw value from affiliation to an artist, the scarce communities they reside in, as well because the creative qualities they may contain.
These items of digital property can be just about anything you want them to be, so long as you've the rights to the creation. Plus, they seem to be a cornerstone technology for the digital future fast approaching.
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