Metastarship Estate
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*what is an NFT?*
An NFT is a digital asset that represents real-world objects like art, music, in-game items and videos. They are bought and sold online, frequently with cryptocurrency, and they are generally encoded with the same underlying software as many cryptos.
Although they’ve been around since 2014, NFTs are gaining notoriety now because they are becoming an increasingly popular way to buy and sell digital artwork. A staggering $174 million has been spent on NFTs since November 2017.
NFTs are also generally one of a kind, or at least one of a very limited run, and have unique identifying codes. “Essentially, NFTs create digital scarcity,” says Arry Yu, chair of the Washington Technology Industry Association Cascadia Blockchain Council and managing director of Yellow Umbrella Ventures.
*Another definition*
*An NFT means non-fungible tokens.*
To understand this better we have to break down the key words:
*FUNGIBLE* : fungible means something is able to be exchanged or substituted and will hold the same value. This means that fungibles are interchangeable for example I borrow you $10 through bank transfer and while paying back, you gave me back the $10 but now in cash. This means that the value of the money didn’t change.
*NON- FUNGIBLE* : it's an asset that can't be substituted or changed because it has unique attributes that make different from something else. For example: A unique digital art work, an in game item etc.
*TOKENS* : a thing serving as a visible or tangible representation of a fact, quality, feeling, etc.
*NFTs* : nfts are non-fungible tokens and refers to a digital certificate stored on a secure distributed database called a blockchain. So nfts are digital assets publicly verifiable intellectual property authenticated on a blockchain.
An NFT is a digital asset that represents real-world objects like art, music, in-game items and videos. They are bought and sold online, frequently with cryptocurrency, and they are generally encoded with the same underlying software as many cryptos.
Although they’ve been around since 2014, NFTs are gaining notoriety now because they are becoming an increasingly popular way to buy and sell digital artwork. A staggering $174 million has been spent on NFTs since November 2017.
NFTs are also generally one of a kind, or at least one of a very limited run, and have unique identifying codes. “Essentially, NFTs create digital scarcity,” says Arry Yu, chair of the Washington Technology Industry Association Cascadia Blockchain Council and managing director of Yellow Umbrella Ventures.
*Another definition*
*An NFT means non-fungible tokens.*
To understand this better we have to break down the key words:
*FUNGIBLE* : fungible means something is able to be exchanged or substituted and will hold the same value. This means that fungibles are interchangeable for example I borrow you $10 through bank transfer and while paying back, you gave me back the $10 but now in cash. This means that the value of the money didn’t change.
*NON- FUNGIBLE* : it's an asset that can't be substituted or changed because it has unique attributes that make different from something else. For example: A unique digital art work, an in game item etc.
*TOKENS* : a thing serving as a visible or tangible representation of a fact, quality, feeling, etc.
*NFTs* : nfts are non-fungible tokens and refers to a digital certificate stored on a secure distributed database called a blockchain. So nfts are digital assets publicly verifiable intellectual property authenticated on a blockchain.
