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What are NFTs, explained

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As an online person, I was really curious about NFTs and Blockchain technology. So, I did a small research and this is what I learned. I will share more Pro-Western stuff future. Please visit my website again. Read another article >>>>

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  • Meaning NFT – Non-fungible Tokens
  • “Non-fungible” more or less means that it’s unique and can’t be replaced with something else. For example, a bitcoin is fungible — trade one for another bitcoin, and you’ll have exactly the same thing. A one-of-a-kind trading card, however, is non-fungible. If you traded it for a different card, you’d have something completely different.
  • At a very high level, most NFTs are part of the Ethereum blockchain, though other blockchains have implemented their own version of NFTs. Ethereum is a cryptocurrency, like bitcoin or dogecoin, but its blockchain also keeps track of who’s holding and trading NFTs.
  • Let’s try to understand Blockchain. The basic idea is that blockchains are a way to store data without having to trust any one company or entity to keep things secure and accurate. It is a decentralized system and one change of record will notify all stakeholders of the system. It means that one transaction will be recorded in thousands of places and each and everyone connected like a jigsaw puzzle. No central body there to govern or record. But it is a group work of the trust. But the good thing is it safer than the ordinary system as if someone needs to cheat to fraud the system, they need to change thousands of transaction changes with the help of thousands of people which is nearly impossible to do. The only disadvantage is there is no way to recall a mistaken transaction without the consent of the beneficial party.
  • Almost everyone spells it out, saying “en eff tee.” The brave call them “nefts.” The enlightened have never had the word cross their lips.
  • NFTs can really be anything digital (such as drawings, music, your brain downloaded and turned into an AI), but a lot of the current excitement is around using the tech to sell digital art.
  • When art is available in digital format and you can easily copy and reproduce the copy of it there is no certain way to stop it. But NFT is a very good solution for it.
  • With NFT, still, art can be copied and reproduced. But its original owner would be one all the time. Because there is no way to monetize that artwork in the system as it was registered as a Non-fungible token in the system.
  • Any trading of the token to a new owner would be recorded and the new original owner would be only one.
  • You may have seen that digital art NFTs are being sold for millions of dollars. And it is really weird as some art pieces are not that worthy by their first look.
  • The reason is owning a popular digital art is something more than buying a painting of a world-famous artist. It’s a value-added and value-increased product.
  • Each NF token carries some privileges package. It may contain some club membership or some privileged access to the award ceremony or may be accessible to some limited things/places/people as well.
  • It is much similar to the stock exchange. As shareholders enjoy privilege facilities, dividend and reselling difference at the capital market.

I believe that you could be able to learn something about NFTs today. As well as blockchain. As this system is more decentralized and more liberal, I really believe in this kind of thing. So, if you are really interested in Pro western ideologies, please join my website and social media channels for more content.

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