What is NFT?

[tomisinade]

The whole world are raving  Cryptocurrency and NFT’s became a way to make money online . However what's it NFT and why alot of people buying these high-ticket digital collectable?

“NFT” is brief for non-fungible token. “Non-fungible” implies that the item is exclusive and can’t get replaced with something else.


And this how  it works;  you'd be issued a token that represents one thing, like, as an example, the copyright to a music track that you simply do. however you'd ought to create a cryptologic proof, so issue a token on it, and anytime somebody within the world uses this track, you've got a smart contract that tracks the token and who uses it…and keeps track of the rights & royalties that get distributed to the creator of the music .

[seoincorporation]

The Not fungible tokens are smart contracts that give value to any digital asset... Is important to mention that each NFT has a cost, So, not anyone can create NFTs.

For me this kind of business has nonsense, why would someone pay half a million for a digital house? or more than 1 million for a tweet... The only sense I could find with this kind of business is money laudering.

[UserU]

For me this kind of business has nonsense, why would someone pay half a million for a digital house? or more than 1 million for a tweet... The only sense I could find with this kind of business is money laudering.

A few years ago, people were willing to pay top dollar for virtual kittens. You might have known CryptoKitties when people kept buying and selling those kittens and breeding them in hopes of getting rare breeds. But damn, the fees were pretty hefty back then. Imagine now.

[adekogbe]

I think NFT is still relatively a new type of decentralized project that people dont quite understand yet and there still needs to be a lot of education about what it offers differently from existing projects and how it truly benefits its holders and users.
However, just like a lot of other new types crypto projects, it is where the money is going currently and seem to have produced a lot of profitable investment opportunities recently

[Antlia Protocol]

The whole world are raving  Cryptocurrency and NFT’s became a way to make money online . However what's it NFT and why alot of people buying these high-ticket digital collectable?

“NFT” is brief for non-fungible token. “Non-fungible” implies that the item is exclusive and can’t get replaced with something else.


And this how  it works;  you'd be issued a token that represents one thing, like, as an example, the copyright to a music track that you simply do. however you'd ought to create a cryptologic proof, so issue a token on it, and anytime somebody within the world uses this track, you've got a smart contract that tracks the token and who uses it…and keeps track of the rights & royalties that get distributed to the creator of the music .

According to my understanding of NFT and the recent boom in NFT, I think they have a lot of potential to make it big in the crypto space. Basically when someone buys an NFT they gain the rights to the unique token, but only on the blockchain. If someone buys an image or meme, they can own it on the blockchain, but they have no control over rights to its distribution. When you buy an NFT in most cases you're not buying content, but rather a token that connects your name with the creator's art on the blockchain. This drives up the prices of NFT and scarcity of the token

[cryptobrzy]

This is a nice take on NFT. The way i see it, this concepts stems from tokenization of a particular asset through the blockchain... That is a certain asset that is unique can be tokenized and anyone who owns a portion of that token automatically has a stake in the asset in question.
The part that i dont seem to understand so far is what happens in the case of a theft of the particular asset or property, or does this tokenization limits itself to only a particular type of asset.

[Crypto-DesignService]

The Not fungible tokens are smart contracts that give value to any digital asset... Is important to mention that each NFT has a cost, So, not anyone can create NFTs.

My main concern is proving the authenticity of the ownership. How do they classify which provides the original artwork since a virtual piece is eaiser to copy than an actual one. Though it's a good thing that if people claim something it provides the art some monetary worth.

[Taskford]

The Not fungible tokens are smart contracts that give value to any digital asset... Is important to mention that each NFT has a cost, So, not anyone can create NFTs.

For me this kind of business has nonsense, why would someone pay half a million for a digital house? or more than 1 million for a tweet... The only sense I could find with this kind of business is money laudering.

The art buyer is just wasting his money if he legitimately bought it without any bad intentions hidden on thaf transaction. And I wonder if he can sell it back then earn the same amount or greater more if he put it on sale in the market.

I think NFT is still relatively a new type of decentralized project that people dont quite understand yet and there still needs to be a lot of education about what it offers differently from existing projects and how it truly benefits its holders and users.
However, just like a lot of other new types crypto projects, it is where the money is going currently and seem to have produced a lot of profitable investment opportunities recently

What I like about NFT is we can now earn by playing games, this one is amazing innovation which gives good benefits to the gamers.

[zasad@]

The whole world are raving  Cryptocurrency and NFT’s became a way to make money online . However what's it NFT and why alot of people buying these high-ticket digital collectable?

“NFT” is brief for non-fungible token. “Non-fungible” implies that the item is exclusive and can’t get replaced with something else.


And this how  it works;  you'd be issued a token that represents one thing, like, as an example, the copyright to a music track that you simply do. however you'd ought to create a cryptologic proof, so issue a token on it, and anytime somebody within the world uses this track, you've got a smart contract that tracks the token and who uses it…and keeps track of the rights & royalties that get distributed to the creator of the music .

The forum has a great topic about NTF tokens.
Most of the information is relevant.
Everything you need to know about NFTs tokens
https://bitcointalk.org/index.php?topic=5274952
Use search before creating new themes.Legislation always lags behind technology, so don't try to compare different directions.

[Insanerman]

The Not fungible tokens are smart contracts that give value to any digital asset... Is important to mention that each NFT has a cost, So, not anyone can create NFTs.

For me this kind of business has nonsense, why would someone pay half a million for a digital house? or more than 1 million for a tweet... The only sense I could find with this kind of business is money laudering.

This is what the others do lack of -- Appreciating one thing's value. Do you ever wonder why there are so many people that are onto NFTs? It is simply because they know that we are on digital era and most of things that would be valuable in the future would remain intact in the internet. Therefore, it is not really unique nor a weird thing to see that others are spending tons of their money as we all have different approach on thing that we see has a value and those who doesn't see any inch of it.