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I have to say that crypto is very hard to understand. Most people only know a little bit about Bitcoin, and that's all they know about crypto. I don't want to be like most people, though. So, I chose to find out more. I learned about NFTs this time. OMG! This is way too complicated, but I've been able to figure out a lot of it. Let me tell you what I have learned!
NFTS
An NFT, or non-fungible token, is a digital asset that represents ownership of a unique item, like a piece of art, a video game item, or even a tweet. NFTs are kept on a special kind of database called a "blockchain," which is like a digital ledger (a book that keeps record) that keeps track of who owns what.
One way to think about NFTs is like collecting stamps, printed photos, paintings, or trading cards. An NFT is a one-of-a-kind digital item that can't be replaced, just like each stamp or trading card is unique and can't be switched out for something else.
Some people collect NFTs because they think they are cool or because they think they might be worth a lot of money someday. Other people make and sell NFTs as a way to share their art or other creative work with others.
So, in short, an NFT is a special digital item that represents ownership of something unique and is stored on a database called a blockchain.
A technology called blockchain is used to make and store NFTs. Blockchain is a kind of digital ledger that records transactions in a safe and transparent way. Each NFT is kept on a blockchain and is identified by a unique code called a "hash."
NFTs can stand for a wide range of digital things, such as art, music, videos, tweets, and even virtual real estate. Some people buy and sell NFTs as a way to invest in digital assets. Others buy and sell them as a hobby.
One of the best things about NFTs is that they make it easy to track and verify who owns digital items and where they came from. This is especially important for artists and creators, who can use NFTs to protect their work and make sure they get credit and money for it.
There are many places to buy and sell NFTs, and the price of an NFT can vary a lot depending on how rare it is and how valuable people think it is. Some NFTs have sold for millions of dollars, while others are only worth a few dollars.
Even though NFTs are still a fairly new technology, they have recently gotten a lot of attention, and some people think they could change the way we think about ownership and value in the digital world.
Let's Illustrate
Imagine that you are an artist and you paint a picture of your favourite animal. You want to sell the painting, but you want to keep the original for yourself.
You could make an NFT of the painting as one way to do this. An NFT is a special type of digital asset that shows ownership of a unique item. In this case, the NFT would show that your painting is yours.
You would use a technology called blockchain to make the NFT. When you make an NFT, it is stored on the blockchain and given a "hash" that is a unique code that can be used to find it.
Now, you can sell the NFT to someone else, but you still get to keep the original painting. When someone buys an NFT, they become the owner of the painting, but they don't get the painting itself. Instead, they get a digital certificate that shows they own the painting.
In this case, the painting is like the unique item that the NFT represents, and the blockchain is the database that stores and tracks the NFT.
"I Don't Know Much Yet"
I don't know everything there is to know about NFTs, but I think this is enough to get started. I want to learn more about crypto things, slowly but surely.
Do you think I still have more to learn and figure out about NFTs? Let's talk about it in the comments.
Image source: https://pixabay.com/vectors/ape-primate-art-drawing-isolated-7020995/
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In 2023 there are some interesting games coming to Hive that use NFTs:
(list not complete)
Thanks for sharing.
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The world of NFTs is a truly fascinating one. I embarked on my NFT journey in the fall last year. My first ever NFTs minted for 0.01BCH are now worth well over 1BCH, which a 100x the money I’ve spent on it. Sadly that’s not the case for all the ones that I minted 😉
I believe NFTs are the future. We barely scratched the surface of their capabilities 💙
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