This video on “What is NFT” covers all the important concepts of NFTs like What are NFTs?, What are Non-Fungible Tokens, how do NFTs work, how are NFTs different from other cryptocurrencies working in the same Blockchain Technology, how NFT became so popular and what future NFTs hold for the world’s economic system.
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00:00 What are NFTs?
01:39 How do NFTs work?
02:09 How are NFTs different from other cryptocurrencies like Ethereum and Bitcoin?
03:05 How did NFTs become so popular?
04:05 Future of NFTs
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What is NFT? – Non-Fungible Token
NFTs turn your digital assets into “”one of a kind”” by creating a unique digital signature that defines the ownership of your assets and that can be bought and sold for real money, cryptocurrency or any other asset like a “”non-fungible token”” aka NFT.
NFT basically creates a blockchain-based digital certificate for your digital collectables, including games, music, art, and many more. This certificate gives your artwork a unique identity. The Underlying technology and the programming language used by NFTs are the same as other cryptocurrencies ie. Blockchain and the programming language Ethash or Scrypt. On the other hand, NFT is a unique token; therefore, if you try to trade it, you may end up with something completely different in your hands. Cryptopunks is a remarkable example of NFT, it enables you to buy, sell and store 10,000 collectables with the proof-of-ownership being stored on the Ethereum Blockchain.
NFT has proved itself to be a boon in the lives of many others – like Jack Dorsey, the CEO and co-founder of Twitter with his very first and famous tweet, “just setting up my twitter,” and Vignesh Sundaresan, famously known as “Metakovan,” who bought 69.3 million dollars worth of NFT art on Beeple. Owing to its increasing popularity, people are now willing to pay hundreds of thousands of dollars for NFTs.
NFT has enhanced media exposure and special perks for aspiring artists on social media. This popularity of NFT creates new opportunities for new art platforms, motivating people to buy art from internet platforms and promoting copyright or originality of digital assets. Many experts in the crypto industry say that around 40% of new crypto users will use NFTs as their entry point. As a result of its growing popularity, NFT could represent a more significant part of the digital economy in the future.
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