What does NFT mean? An NFT stands for a non-fungible token. But what is an NFT?
- Verified ownership to an original piece of art
- Nobody can forge or duplicate the art
- If the owner sells the art, the artist gets a portion of that sale and all future sales.
First, let’s make NFTs as simple as possible to understand. A few days ago, I wrote the dummies guide to blockchain. To summarize that, a blockchain is a database. Or, in other words, it is a ledger. That’s it.
A blockchain is a way of recording information in the order it happened. Also, it is impossible to change the information. In the most basic terms, you put your information in a box, seal the box, then stack the box on top of another box that’s full of information.
The information is secure, private, unchangeable, and accessible to anyone with internet and permission. That’s where Bitcoin lives, on the blockchain. In other words, someone made up Bitcoin and said there is a limited number in these “boxes.” In this case, 21 million Bitcoin exist on the blockchain.
No one can change the amount of Bitcoin there are. Also, only people with permission can access each Bitcoin. This makes it:
- A fixed, limited quantity
- Extremely secure
- Instant and exact
- No fees and no third parties
Therefore, Bitcoin has value. Because it is made up, the value is purely driven by speculation. Theoretically, everyone with internet access has the ability to get Bitcoin. Even in third-world countries, where government currency is unstable, people can obtain Bitcoin and know it holds value. Simply, it is digital gold. It’s a rare commodity that holds a perceived value.
Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://medium.com/trending-minutes-ago/these-photos-are-positively-free-but-tech-makes-it-a-69-million-nft-e4b445e24397?source=rss——-8—————–cryptocurrency
