What is an NFT Crypto Beginners

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19 Sep 2021

So I'm going to describe what an NFT is in the most basic terms as I can NFT stands for Non Fungible Token Fungible means something is able to be exchanged or substituted and will hold the same value It's interchangeable like the dollar gold casino chips bitcoin ethereum or frequent flyer loyalty points If I lend you 10 dollars cash and you return to me two 5 dollar bank notes I'm fine with that because even though they are different they hold the same total value So non-fungile obviously means it's an asset that can't be substituted It has unique attributes that makes it different from something else in the same asset class Like a painting a theatre ticket a house a video game skin a trademark or a CryptoKitty which was the first real use case to take off on the Ethereum blockchain in 2017 Some of these assets are physical and tangible and others are digital and intangible So NFTs are non-fungible tokens 'Token' refers to a digital certificate stored on a secure distributed database called a blockchain NFTs are digital assets Publicly verifiable intellectual property authenticated on a blockchain A popular place to currently browse a variety of NFTs is on a http 3A 2F 2FOpenSea io a It's an exciting space I believe the NFT space will continue to grow in the coming years with some popular use cases being Digital Art Virtual Land Gaming Collectibles Finance and much more I thought this was worth explaining because I think we'll be talking a lot more about this in the coming years If you're also interested about the future of art and design like I am then come follow me on my channels --- Opensea a https 3A 2F 2Fopensea io 3Fref 3D0xd5b0e02e4cecb59ead4b7b29ee1148f7de774194 a My NFTs a https 3A 2F 2Fopensea io 2Faccounts 2Fmankind a a https 3A 2F 2Fsuperrare co 2Fmankind a a https 3A 2F 2Fmakersplace com 2Fmankind a a https 3A 2F 2Fapp rarible com 2Fmankind a --- The Noun Project Attribution icon credits cash by Vectors Point gold bullion by sandra casino chip by Justicon Loyalty Staff by Vectors Market artwork by Andy Gigante theater tickets by b farias House by Larea Zombie by Lluisa Iborra copyright by ArmOkay Blockchain by Javad SSL Protocol by Oleksandr Panasovskyi --- Subscribe a https 3A 2F 2Fyoutube com 2Fsubscription center 3Fadd user 3Drhettdashwood a Visual Diary a http 3A 2F 2Fwww instagram com 2Fmankind a Personal IG a http 3A 2F 2Finstagram com 2Frhett a Portfolio a http 3A 2F 2Frhettdashwood com a Digital Shop a http 3A 2F 2Fdesignassets com a