How do you explain NFT to a 5 years old child?

[Wenbing]

Blockchain technology is giving birth to some fantastic sub-industries that would forever restructure how values are transferred.
It started with money and decentralized finance (Defi) which is the tokenization and decentralization of financial business products such as loan, futures, derivatives, insurance etc.
Then, the NFT is the new wave of a blockchain application that is already gaining public acclamation and adoption.
My questions are for the benefit of every member of the forum; they are;

1.   What is the meaning of NFT in your opinion and in simple terms?
2.   How does NFT work?
3.     How does it benefit the economy?

To me, NFT is the application of technology to make an asset (land, art work, content) unique and valuable by giving the owner the sole right of ownership.

[jackg]

Do you mean nft? As in a token you can buy to own something on the blockchain?

There are nfts of artwork for example?

And etf is an old concept from stock trading.

[Karartma1]

Do you mean nft? As in a token you can buy to own something on the blockchain?

There are nfts of artwork for example?

And etf is an old concept from stock trading.

funny thread, Op basically exchanged NFT for ETF... how hilarious.
Op, can you please update the thread title and the original post? That way your post would still make sense, otherwise it might get deleted.
hurry up

[Wenbing]

Do you mean nft? As in a token you can buy to own something on the blockchain?

There are nfts of artwork for example?

And etf is an old concept from stock trading.

Am sorry for not noticing the mistake. I meant NFT and not ETF

[Charles-Tim]

If you mean NFT (Non Fungible Token). For example, you have a digital painting that worth's nothing and that later have hundreds to thousands of copies, but yours is tokenized, which makes it is the original and the real one while others are worthless. Because of hype, people will bid for it, and the highest bidder will buy it, and the token will be released for him, so it is based on smart contract. That is just an example, also very possible NFT smart contract can have many tokens but all the tokens will be unique. NFTs are not only about digital paintings but about anything virtual but in damand.

[jackg]

Well in that case it looks like it might be a good way to get actual artists to be seen and not people randomly endorced by larger firms (I think I saw something on that in the US that a few companies control what art is considered desirible). 

It may also have a long term impact of making the population of the economy a bit more equal on certain aspects as a lot of people can make art (and those who can't can still make memes to sell ). And larger companies will be a bit clunky/inefficient catching on to it.

I think for other assets to be added, we'll need to see a move away from nfts or nft ownership being dictated by erc20 for higher value items (so people can own a "share"of them.instead). 30 acres of land in northwestern Europe can cost around $1M+.and if these ever get sold as nfts then they probably turn out problematic (although an income of $70k-$120k can probably be received from the investor(a) via the same contract).

[cute nmp]

Nft (non-fungible token) is a crytographic token that usually present something unique and has characteristics that differentiates it from one another .It can be anything digital like drawings and music.
There can represent digital files such as art, audio, videos, items in video games and other forms of creative work

[cryptoaddictchie]

I'm just wondering if those nft are required to be connected on blockchain based on its description as being a non fungible token. As i can see it, the trend for nft is becoming huge and more people who don't even related to cryptocurrency started to get confuse and curious with this. But in my opinion, nft are gonna be a huge hype that will also pass time like some that indeed made hype before. Yes design and art are really cool but the drive motion of these nft projects are the one whom we should see if can constantly stay alive on the market for a long time.

[Darker45]

Since what is asked is how to explain an NFT to a 5-year old, I wouldn't even care to explain what a non-fungible token is. I would just tell the child that an NFT is just a proof that you are the owner of something. For example, he/she owns the drawing that he/she submitted to his/her favorite teacher. In order to prove that he/she owns it, there is a sort of a certificate or a title of ownership attached to it which says the drawing belongs to him/her.

I guess that's good enough explanation for a 5-year old to understand what an NFT is. Never mind how NFTs benefit the economy. A 5-year old doesn't care about it.

[Lorence.xD]

It is pretty easy to explain to a child since most of them knows a bit about technology, you just have to tell them that NFTs are a token that anyone can make on the Internet and sell it to other people or make them immersed like telling them that they create a drawing and that drawing will be sold to other people and you will get money from that art.

[hugeblack]

NFT tokens (non-fungible token) have added a layer of transparency to the paintings and valuable pieces that were in the jungle considered an entry point for money laundering and suspicious deals whose have unknown ownership, but it does not mean that all tokens have a future.


What is happening in the market is an industry of pumping/dumping model just as happened with ICOs,IEOs,...etc.
the only difference is that NFT tokens have value and are not speculative tools.

As for how to explain it to a child, it is easy to tell about the sale of his individual ownership of a digital asset, but we are still far from the rest of the real assets.


A future that will create the kind of organization that is necessary, either with government approval or POW/POS approval

[Ucy]

Currently researching about it in order to find a more universal, suitable, acceptable  and safe way to explain it to even a child. I'm particularly more focus on its other use-cases that are not necessarily art. I noticed that NFT could make physical and useful assets really expensive, and could even encourage greed. I think you could create a better model that wouldn't make things worth more than they should.

[sunsilk]

1. Digital art, anything that has been made digitally with a price.

2. It works as if you are the only owner unless the maker creates other copies.

3. The value of it that is convertible to cash which can be hundreds to thousands ans millions.

[Twentyonepaylots]

Personally, I'd let him draw something on a piece of paper, probably his favorite cartoon character, or whatever really. And then I'll let him take a picture of it, and ask people how much will they pay for the pic itself. Most kids right now, learn more through experience rather than verbal or visual materials. So to actually be hands-on teaching them the basics of how NFT works is sufficient enough. This could even be their gateway into art, coz as we all know money is the main driving force that inspires this world to spin.

[arwin100]

What are you trying to aim why you introduce it to him? do you want him to play or want to create arts and sell it? Or you want to achieve something that's why you introduce it to him?.

And if you ask me I will not introduce him anything that can make him stress since its good for children to play on outside world and discover physical things rather than teaching them how to became a lone people hiding in the net. But if you think your child have a special talent in art then maybe introduce it as if you are playing with drawing tools since this on will possibly caught the attention of kids out there.

[mu_enrico]

1.   What is the meaning of NFT in your opinion and in simple terms?

Each token is unique, just like individuals.

2.   How does NFT work?

Currently, none is working properly.

3.     How does it benefit the economy?

Let's say you create a digital asset (picture or whatever) and want to sell it including the copyright you can do it. It then mimics real-world assets where you can do anything with it, including resell it or destroy it if you own it.

[int03h]

A 5-year-old child should only learn to toilet in the right place, eat properly and obey adults to grow up naturally and healthy. They don't need to know too much about technology. Let them grow a little bit more and evoke them both blockchain technology and NFT.
NFT is the post-bitcoin craze and it's pervasive in all the papers so a person who doesn't understand the NFT can read through them even though the pages are not entirely correct, they just report the news.

[so98nn]

If you mean NFT (Non Fungible Token). For example, you have a digital painting that worth's nothing and that later have hundreds to thousands of copies, but yours is tokenized, which makes it is the original and the real one while others are worthless. Because of hype, people will bid for it, and the highest bidder will buy it, and the token will be released for him, so it is based on smart contract. That is just an example, also very possible NFT smart contract can have many tokens but all the tokens will be unique. NFTs are not only about digital paintings but about anything virtual but in damand.

Thats cool. So it is like digital patent for your "thing", can it be called in that way? A patent stuff? Could you please divert me to the article which explains everything in deep so that if I want to NFT something then it will direct me that way. I am making lot of pencil arts and some of them are very unique. They are such unique piece of arts but once you publish them on the net, you will see people copying it and selling at lower prices, like with generic standards. That's not acceptable to me when the art is your huge dream and you want to see it dream bidding for you!

[darewaller]

My questions are for the benefit of every member of the forum; they are;

1.   What is the meaning of NFT in your opinion and in simple terms?
2.   How does NFT work?
3.     How does it benefit the economy?

To me, NFT is the application of technology to make an asset (land, art work, content) unique and valuable by giving the owner the sole right of ownership.

You have a painting in your room, it is yours, if you want it you can keep it forever, if you want to you can give it to someone else. NFT is painting on your computer, it is yours, if you want it you can keep it forever, if you want you can give it to someone else. That's it, is there anything that should be different?

I mean we are talking about something that would be as simple as a five year old could understand while still giving the most important facts about it. Sure you can talk about the blockchain and how it creates a code that you know who owns that NFT and bla bla bla many hours but let's face it, kids are not that smart and they do not have attention span like adults do, so at the end of the day explaining it like how it is a very simple thing to them would be actually a better decision, hence my two sentence explanation is a lot better.

[adzino]

Blockchain technology is giving birth to some fantastic sub-industries that would forever restructure how values are transferred.
It started with money and decentralized finance (Defi) which is the tokenization and decentralization of financial business products such as loan, futures, derivatives, insurance etc.
Then, the NFT is the new wave of a blockchain application that is already gaining public acclamation and adoption.
My questions are for the benefit of every member of the forum; they are;

1.   What is the meaning of NFT in your opinion and in simple terms?
2.   How does NFT work?
3.     How does it benefit the economy?

To me, NFT is the application of technology to make an asset (land, art work, content) unique and valuable by giving the owner the sole right of ownership.

1. Fungibility means something that is interchangeable. Something that isn't distinguishable. On other hand, nonfungible goods are not interchangeable. Lets say I lend you my car and after few you days you have to return my car. A car that belongs to me. A car that is signed under my name. It won't work if you return me a different car or a car of the same model. You have to return the car that I own. Here the car is Non Fungible. Similarly, NFTs are interchangeable.

2. Right now people are using Non fungible tokens to sell things like their records, arts and tweets. Those arts or "assets" are somehow tied to those tokens which will help people to verify the original ownership.

3. Meh. Not sure if it benefits the economy in anyway.