What is an NFT? An NFT, or non-fungible token, is a one-of-a-kind digital record on a blockchain that says who owns a specific item, but it usually isn’t the picture itself or its copyright. In this animated video, I explain what you really own when you buy an NFT, from fungible vs non-fungible tokens, smart contracts and minting to link rot, royalties, the NFT boom and bust, and NFT scams.
In this video, I explain:
• What non-fungible token means
• How smart contracts create and mint NFTs
• What you really own when you buy an NFT
• Where the picture is kept and what link rot is
• The NFT bubble vs the technology
• Royalties, energy use and NFT scams
0:00 Intro
0:25 What does NFT stand for?
0:49 Fungible vs non-fungible
1:24 How NFTs are created
2:00 What you actually own
2:59 Uses beyond art
3:12 The NFT boom and bust
3:51 Projects and royalties
4:20 Energy use
4:34 Scams and private keys
4:58 Conclusion
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Disclaimer: This video is for educational, informational, and entertainment purposes only and is not an investment advice or any other sort of advice.
I encourage you to do your own research before making any investment decisions.