My Brief Review on NFTs
Everyone!!! I hope you are having a great time over there? It's really nice to see you visit my blog today and I must say I'm really happy to have a great personality like you visiting my blog today 😊. Thank you once again 💕😊
Today I will be sharing some vital information about the NFTs even though I have been receiving different questions about What NFT is all about and how does NFT works. I will definitely try my best to make this post more explicit as simple as possible for those having problems understanding what NFT is all about. I suggest you grab some pop corn and coffee/tea to digest this short article as you read through this post.
What is NFT
I'm quite sure most of us might have been hearing about NFT here and there but the truth is that the term NFT is an acronym or abbreviated word which connotes Non Fungible Tokens just the same way Decentralized Finance is abbreviated as Defi.
Now let's take a proper analysis about the meaning of the word "Fungible". Fungible simply means exchanging a commodity or something which has identical features with each other. It's just like the way you exchange a green cup for another green cup with similar features. Also, when we consider our world of cryptocurrency, it can be observed that most cryptocurrencies are fungible because you can trade or exchange them for each other just as the way you can exchange your Bitcoin for another Bitcoin because it is fungible.
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On the other hand, non fungible simply means commodities or items that can never be exchange for each other. This is actually where the concept of non fungible tokens comes in. Non fungible tokens doesn't support exchanging them for tokens of it's kind. This simply implies that a red NFT cup will never be the same as another NFT red cup because every Non Fungible Tokens posses a unique digital signature which makes it impossible for them to be equal or exchanged with each other.
NFT in Cryptocurrency
The same way NFT can't be interchangeable in real or physical world, that's the same way it happens in crypto blockchain technology. NFT are also developed on blockchain which helps to record transactions on distributed ledger. NFT are mostly developed on Etherium blockchain and it's really a great news that some other blockchain aside Etherium are also adopting NFT systems.
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The astonishing fact about NFT is that they can also be generated from digital objects which represents items like art, music, images, gifs, videos, designs, games, and many more. NFT really play a very great role in the aspect of entertainment and this is also a great revolution and advancement in the cryptocurrency and blockchain technology.
Art and Entertainment Industry going Digital with NFT
NFT has actually been in existence for the past 7 years (2014) as it was first introduced by Kevin McCoy and Anil Dash in a presentation at a museum located at New York City. It's really sad the adoption of the system was drastically low not until last year when the Co founder of twitter Jack Dorsey made a huge gain of about $ 2.9, 000,000 for selling his first ever tweet as an NFT. The exposure and popularity of NFT began known to the masses when a crypto multi millionaire named Metakovan bought an NFT worth of $69.3 000,000. This has really shown that NFT is definitely the future of the entertainment industry.
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A very good advantage of NFT is that artist and content creators can monetize or sell their art or work directly as an NFT without any need for auctioning. They can do this easily at their comfort zone provided they have access to the Internet.
Also, it's really great we now have different crypto project adopting NFT systems and this has really shown the versatility of Cryptocurrency and blockchain technology in all sectors. NFT has come to transform entertainment industry and art into a form of digital technology to solve more human problems and bring more more comfortability to the lives of humans.
Thank You for your time and I hope you have a great day ahead with love from @hardaeborla
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hello @hardaeborla,
this is one of the markets that is taking a lot of strength, I think I saw in some article that Mr. elon musk's wife sold an art collection using NTF, this makes me think that already millionaires are using these services and that soon NTF will be as common as Defi
It will definitely be common as Defi too as you've stated because it is really gaining more attention than expected.
Thanks for your lovely comment ❤️💕❤️💕❤️
Hello @hardaeborla
Well, look how things are, I came to your blog precisely to investigate and learn a little about what is NFT, so far it is clear to me that it establishes non-fungible methods, ie does not allow the exchange of similar tokens with each other. I liked the fluid way of approaching the subject. Thank you for this post.
Best regards, be well.
Thank you for your lovely comment and I'm really glad you've learnt a lot from this post.
Thanks for your lovely comment with love from @hardaeborla ❤️💕❤️💕
Hi @hardaeborla
I still need to know more about it, however your explanation is very solid and very accurate, in that sense I congratulate you.
Now I have seen how this new stage of the token is beginning to revolutionize the art and entertainment, I was stunned when I saw that a work of art was bought in 69mil dollars that is something amazing.
I think I will put my art for sale.
Lol... You can always put your art for sale via NFT and make cool cash from it too.
Thanks for your lovely comment with love from @hardaeborla ❤️💕❤️
NFTs seem like a super safe technology to me thanks to the fact that they are unique and the owner is the universal carrier of the asset. They are easy to track and have a limited production of Tokens which favors scarcity, This guarantees that they can retain their value over time and are not subject to excessive exchange in exchanges which leads to inflation of their value. The NFT technology currently propelled by the Ethereum network promises to be one of the best market proposals since they are adaptable to all kinds of uses and their fractional value can be assigned to real-world properties, allowing large-scale investments reducing consumption. energy and operating costs.
It was a great topic and a great read,
Congratulations @hardaeborla
Wow! This is really comprehensive and I must say I've really learnt a lot from this comment.
Thanks for your lovely comment with love from @hardaeborla ❤️💕💕
I'm glad you liked my comment. I recently did a post about NFT from which I learned some new things. Greetings friend @hardaeborla, until next time.
The good thing I like about Nft is that it actually still honours the creator of the art work even after it has been sold, it is actually a good and rewarding network for those artist.
NFT will really impact the entertainment and art industry 😊💕
Seems like NfT is the next big thing to look out for ahead dominating soon
I strongly agree with your point here too @mandate.. NFT is really dominating the market space.
Thanks for your lovely comment ❤️💕❤️