This is a simple explanation of what NFT’s, or Non-Fungible Tokens, are in cryptocurrency and blockchain technology for beginners.
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======== TABLE OF CONTENTS ========
00:00 – Introduction
00:36 – 3 Key Concepts to Understand NFT’s Better
01:06 – Subjective vs Objective Value
04:29 – What is a Market?
06:06 – Fungible vs Non-Fungible Assets
08:21 – Definition of Tokens
09:22 – What is Blockchain?
09:45 – Decentralization
10:49 – Transparency
11:58 – Immutability
12:39 – What is An NFT, or Non-Fungible Token?
14:37 – NFT’s Available on OpenSea.io NFT Marketplace
12:50 – Unstoppable Domains NFT”s
16:45 – Standardization
18:31 – ERC-721 Standard
20:20 – ERC-998
21:09 – ERC-1155
22:45 – Tradeability
23:34 – Liquidity
24:45 – Immuteability
25:15 – Programmability
25:35 – How NFT’s Could be Used in the Future
28:20 – Current Cons of NFT’s
29:52 – Outro
======== VIDEO SUMMARY ========
This is a video guide for beginners all about NFT’s or Non-Fungible Tokens.
We will discuss what NFT’s are, how they are created, how they are being used now, and how they can be used in the future.
A non-fungible token is simply a representation of a unique digital asset that cannot be equally swapped or traded for another NFT of the same type.
So non-fungible tokens can represent digital art, a ticket to an event, an in-game item, virtual property in a virtual world, or even a real-world asset like a deed or title to actual land in the physical world.
Blockchain adds unique properties to digital assets by giving people ownership, management permissions, and transferability on a decentralized, transparent, and immutable platform.
Blockchain technology provides a coordination layer that will impart 6 key properties onto digital assets, all predicated on immutability which are: standardization, interoperability, tradeability, liquidity, immutability, & programmability.
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