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What Is An NFT?

 
     
 

An NFT, or non-fungible token is a digital asset. An original, one of a kind asset that can be anything digital … visual art, sound, video, information, video game items, etc.

 

The NFT is a cryptoasset in which each token is unique. This makes it non-fungible. On the other hand, bitcoin or a dollar is fungible, because every different one works the same as any other one.

 

NFTs are built the same type of programming as cryptocurrency such as Bitcoin or Ethereum. Each NFT has its own digital signature though, which is what makes it different from Bitcoin and Ethereum.

 

Each Bitcoin is just like any any other Bitcoin in value. But every new version of an NFT has a unique signature, so copies made from the original NFT (or copies of copies) are all distinctly different.

 

NFTs live on a blockchain, which is a public ledger of all of the transactions that have happened. Most NFTs are held on the Ethereum blockchain, but other blockchains can have NFTs as well.

 

As we move into a future that will include Augmented Reality, Virtual Reality and the Metaverse, NFTs have a permanent role to pay.

 

 

NFTs, Explained by Johnny Harris

 

 


WHAT DOES NFT STAND FOR?

Non-fungible token.

 

 

WHY ARE PEOPLE BUYING NFTS?

They’ve become an asset that you can own, so that means that it can also grow in value. This has lead to a speculative market to emerge for NFTs, in which people either buy one because they’re a collector or because they think it will grow in value like an investment and then they can sell it later for a profit. Or both.

 

 

WHAT MAKES AN NFT UNIQUE?

It’s unique in the sense that the original is the ONLY original, and copies of it made thereafter are only copies of the original. It’s like a painting or a master recording … there’s only one painting, everything else is just a print or some kind of reproduction. Same with an original recording … there’s the master, and then you can make copies of the original recording. But there’s only one original master recording.

 

 

ARE NFTS A JUST A TREND THAT WILL GO AWAY, OR WILL NFTS LAST?

That remains to be seen. It seems likely that we have had an an initial rush on the NFT thing, where it became hip to have some kind of NFT to throw it there. And it also seems like that the NFT craze will settle back into something more normal, where everybody isn’t justing wildly putting them out there just to be part of a movement or trend.

 

So the next question is: how can you tell if an NFT is worth buying? There’s no way to tell. It’s like buying an artwork from an up-and-coming artist … you can buy a painting for $100 and then the artist lands a big show and then later goes on to be a famous artist. Your $100 painting has enormous potential for you to sell at a profit. Or, you might end up buying that painting for $100 and they artist never bcomes famous so you're painting is only worth what it means to you & whatever you can sell it for.

 

You can still hang it on your well and enjoy that painting.

 

 

CYou might also be interested in the Spacelab Guide for What Is An NFT?

 

See also the Spacelab Guide for What Is Augmented Realty?

 

There's also the Spacelab Guide for What Is Virtual Realty?


 
     
   
 
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