What is NFT?

[Henry133]

I've been noticing the term NFT in various projects on uniswap, but I'm not sure what it means. There's a price for NFT that's almost certainly higher than the token price. So, what exactly is it? What is the relationship between it and the project token?

[Accardo]

Non fungal token is a kind of token that cannot be replaced. It's in the digital form and kind of replaced the traditional creative industry. Anything digital can sell as an NFT but, most of this tokens are drawn by it's rightful owners and placed at any marketplace where it can be sold for money. Recently, the market is booming that people don't care about the disadvantages of NFT, they just jump into the market and cause copyright issues. When an NFT lets say a portrait that belongs to someone else is being sold by another person who is not the rightful owner it's a red-flag that makes the Government want to regulate cryptocurrency. So, people who are ignorant of some dispute that can come out of NFT and just wish to make money are the people who cause why the Government are gazing on the activities happening in the crypto technology.

[Fundamentals Of]

Non fungal token is a kind of token that cannot be replaced.

Is it a token that doesn't have fungi on it? Lol.

I am laughing at your response. NFT is not Non Fungal Token. It is Non Fungible Token. What does Non Fungible mean? I would rather refer to the definitions that I found on wikipedia and investopedia.

Wikipedia definition: https://en.wikipedia.org/wiki/Non-fungible_token
Investopedia definition: https://www.investopedia.com/non-fungible-tokens-nft-5115211

Simply put, a non fungible token is a token that is unique and different from other tokens. So these kinds of tokens could not simply be interchanged because they have their individual identities or identification codes. That's unlike Bitcoin in which any Bitcoin is the same with any other Bitcoin.

[Protomono]

NFT is a digital asset the only one you have. NFT can be in the form of works of art such as game assets, photos, videos, music and others. The relationship with crypto assets is that an NFT can be rewarded with crypto tokens. For example, your NFT in the form of a painting is priced at 10ETH.

[smartaction]

NFT means Non-fungible token. here you can buy sell Art, photo, video, music, post/tweet etc. and here if you buy any NFT product  your ownership will be digitally recorded by the blockchain. This means, who is that the real owner of the product. will be recorded through a blockchain. So that everyone can find out easily. for more info search in Google and search in YouTube for a video with your local language. it will help you to understand easily

[jhonjhon]

NFT are basically a unique coins.It is very different from regular tokens or cryptocurrencies and making money with NFTs requires effort like creating some videos,arts,game and etc.Due to its non-fungible feature, you cannot simply make money by exchange or trading it with goods.


For more info,you may take a look at this video

https://youtu.be/FkUn86bH34M

[Psynthax]

I've been noticing the term NFT in various projects on uniswap, but I'm not sure what it means. There's a price for NFT that's almost certainly higher than the token price. So, what exactly is it? What is the relationship between it and the project token?

Nft was a non fungible token. this called nft was used to be integrated with the various virtual assets such as land. art, in game item and many more. this nft is also act as a proof of ownership for such asset. the nft has a bigger price compared with token caused by sometime it's limited. this means if there is no a lot of nft in circulation. this depends on what kind of nft. if that's a rare ndt and it will have a high value but if that's a junk nft and it will not have value. this is why you will be seeing low and high value nft in the opensea market as the most crowded market dor nft

[sunsilk]

With all of those descriptions.

Let's take it easier by understanding that the NFTs that you've seen that has a higher price are the artwork type of NFTs. It's like a digital ownership of the artworks that have been sold through minting which comes out as the NFTs.

What is the relationship between it and the project token?

There's no connection on it.

[ropyu1978]

NFT means Non-fungible token. here you can buy sell Art, photo, video, music, post/tweet etc. and here if you buy any NFT product  your ownership will be digitally recorded by the blockchain. This means, who is that the real owner of the product. will be recorded through a blockchain. So that everyone can find out easily. for more info search in Google and search in YouTube for a video with your local language. it will help you to understand easily

It's true as you said, I only learned to understand and know nft after someone famous after selling his selfies in nft form, and he also managed to pocket billions of rupiah, for photos that have been taken for many years, after his photos trended on many televisions. local people who came to interview him and corrected him about how his photo could be sold at a fantastic price. nft can also be interpreted as assets that achieve tangible or intangible goods that are considered unique...

[tarable]

it's a non-exchangeable token. for example, works of art.
When a work of art has value, it can be valued at a very high price.
I think the explanation given in this thread will make you understand and know what NFT you mean.

[bitkanu]

I've been noticing the term NFT in various projects on uniswap, but I'm not sure what it means. T

That's Non Fungible token. that was a token to represent the item in the blockchain that already collected by someone else. If that's a rare and it will always be valued at the high price.
You need to see why land NFT in metaverse has a very high value. This caused by it can be used to stake. Sometime there was a token that more valuable compared with NFT but there was also an NFT that valued even higher than tokens. this depends on the demand and the real value of token and NFT. This can't easily be determined. Sometimes someone wants to buy NFT at a higher price than the token.

[susuberuang]

it's a non-exchangeable token. for example, works of art.
When a work of art has value, it can be valued at a very high price.
I think the explanation given in this thread will make you understand and know what NFT you mean.

NFT is a concept work of art that can be sold at the price of cryptocurrency coins so that the realm of NFT is also in the crypto space like people who have sold photos of their artwork on opensea with a benchmark of several Ethereum so the price looks very expensive.

[poodle63]

basically NFT acts like a unique identifier for digital goods and even it could represent a physical goods. the reason why these NFT are having such high valuation because they are simply rare, just think of art.
the reason these arts could have such high valuation is because they are limited in amount, could be only 1 in this planet and NFTs makes sure the real authenticity of these arts because it couldn’t be faked with the unique identifier that this technology offers.
with analogy, in a nutshell you could see a money compared with art, the latter is rare because it have limited amount meanwhile these money could be printed literally anytime.

[Tellek Garing]

NFT is more of content-oriented as it represents the value of digital content such as artworks and the rest, the term none fungible token is used to separate it from other digital cryptocurrency coins on the blockchain NFT target more on content creators such as artists to be able to transfer ownership basically on the blockchain.

[tarable]

it's a non-exchangeable token. for example, works of art.
When a work of art has value, it can be valued at a very high price.
I think the explanation given in this thread will make you understand and know what NFT you mean.

NFT is a concept work of art that can be sold at the price of cryptocurrency coins so that the realm of NFT is also in the crypto space like people who have sold photos of their artwork on opensea with a benchmark of several Ethereum so the price looks very expensive.

so true. That's why the NFT concept will still be a magnet for many people to produce their own art so that the NFT trend will still survive because it is sustainable.
every one's art can be appreciated here.

[camat gampong]

I think NFT is a digital asset that is combined into crypto so that it can be profitable, NFT is combined in games, photos and videos so that it attracts the attention of many digital coin hunters and many also pursue new trends such as the metaverse which is now incorporated in the digital world.

Actually it's not an amalgamation but it's a basic concept that was built for cryptocurrency and also for everyone who likes it so that content creators and artists can also join cryptocurrency at this time.

[susuberuang]

so true. That's why the NFT concept will still be a magnet for many people to produce their own art so that the NFT trend will still survive because it is sustainable.
every one's art can be appreciated here.

Yes, but lately there are also many works of art that are not appreciated by others and maybe from what I see they only make art work carelessly so that there are not many fans, this is almost like a shop that often provides goods and quality goods so that everyone who sees it can immediately believe it, this is why making a work of art must be serious and correct so that the demand for it can also increase.

[deean_3one]

NFT is a digital asset that represents real-world objects such as painting, music art, in-game items, to short videos.
NFT is part of the blockchain. Therefore, the NFT buyer will be able to verify that he is the sole owner of the assets he purchased.

Once paid, no one can rescind the ownership rights to the NFT held by the buyer.

NFT is also a digital asset that cannot be reproduced repeatedly. NFT owned by buyers is unique and can be proven through proof of purchase in blockchain with cryptocurrencies.

[tarable]

so true. That's why the NFT concept will still be a magnet for many people to produce their own art so that the NFT trend will still survive because it is sustainable.
every one's art can be appreciated here.

Yes, but lately there are also many works of art that are not appreciated by others and maybe from what I see they only make art work carelessly so that there are not many fans, this is almost like a shop that often provides goods and quality goods so that everyone who sees it can immediately believe it, this is why making a work of art must be serious and correct so that the demand for it can also increase.

not unappreciated, but people will also see the value that exists in a work of art. if you think of an item, of course the item must have all the needs desired by the buyer, ranging from shape, color, quality so that the price is no longer a problem (expensive). as well as NFT artwork.

[uchegod-21]

Some of the reply above is correct but too generalized. Let me explain it in ELI5 form, First of all let's define what is NFT, NFT stands for None Fungible Tokens meaning it can be replaced any same token because of its uniqueness. NFT is a product of wrapping ERC20 that converts as ERC721. Meaning each ERC721 is unique and has no similar to tokens on the entire blockchain. This uniquness feature is the main reason why it was famous for incorporating Arts, Music and Collectibles because the buyer can literally own the art because no one can have it once you possess the ownership of it.

I like your explanation. It goes from the definition, as a non fungible token, letting us know it is a token, then mentioned the blockchain it run on, which is a good one. You also went down to discuss its uniqueness which is why it js able to incorporate arts and music industries.
I know you have knowledge about nft, can you please explain the legality of it. How the ownership can be successfully transferred to avoid double spending.