NFT stands for non-fungible token. NFTs are tokens that are used to represent ownership of unique items. They let us tokenize things like art, collectibles, even real estate. They can only have one official owner at a time, and they’re secured by blockchain technology. No one can modify the record of ownership or copy-paste a new NFT into existence. It could be a house or a painting such as the Mona Lisa, which is one of a kind. You can take a photo of the painting or buy a print, but there will only ever be one original painting.
NFTs are different from standard tokens like DAI or LINK, in that each individual token is completely unique and is not divisible. NFTs give the ability to assign or claim ownership of any unique piece of digital data, trackable by using blockchain technology as a public ledger. An NFT is minted from digital objects as a representation of digital or non-digital assets. Here’s more information of a few developed use-cases and visions for NFT gaming items.
– Domain names
– Physical items
– Investments and collateral
– Collectible art
– Digital content
NFTs are growing in popularity which means they’re also coming under increased scrutiny, especially over their carbon footprint. To clarify a few things, NFTs aren’t directly increasing the carbon footprint. The old conventional way which keeps your funds and assets secure is currently energy-intensive, but it’s about to improve by NFT.
In theory, anyone can tokenize their work for sale as NFT at a price they want, but the buyer interest for that NFT is unpredictable. Case in point: the animated gif of Nyan Cat, a 2011 meme of a flying pop-tart cat, which sold for more than $500,000 (£365,000).
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