So, in today’s world NFT news, we are going to start from the basics. We are going to be talking about NFT, their purpose and why they are famous. For starters, NFT refers to “non fungible token”. And what does that even mean? Well, NFT is actually a more digitized asset which belongs to us and only us. Yes, you heard it right!
So, put it in short, NFT is more like things that we make use of in our daily lives such as music, videos and even twitter which we use to spill all of our dissatisfaction on. Right, to not make you all more confused, allow me to break the abbreviation term of “NFT” to you one by one. So, the word non fungible, means it can’t be replaced. So, with that said, let me give you an example, for instance, try to imagine that you have a bitcoin that you want to trade with, and if you do trade this one bitcoin which you currently have with you, then this action is called as tangible, remember, non tangible means something that can’t be replaced. But the example that was given, which was that bitcoin was able to be exchanged or traded with, makes it more tangible.
So, how does NFT work, since we all know that our unique NFT can’t be traded, exchanged or even replaced with, then we should be well aware of how this NFT works. First of all, these NFT’s are part of the Ethereum blockchain. So, what Ethereum blockchain is, you might ask. So, Ethereum Blockchain is actually a source of Cryptocurrency. This platform is used for many purposes. The Ethereum blockchain is known for its use as a mediator in exchange or to store values. Ethereum is referred to as a decentralizing computing network which is built by blockchains.
To elaborate even more, the Ethereum works as a supply chain in managing finance, web browsing, gaming and many more. Why does this both correlate with each other? Well, the Ethereum is also a cryptocurrency like bitcoins which NFT is supported by the blockchains. Since they both have a different purpose of function, the only one thing that sets them apart is the way they process information by storing it differently from the others.
So, what can NFT really excel at? Well NFT as I have mentioned before, is a digitized form of asset that can do anything digitally. For example, arts such as drawings, music like spotify, tidal and all sorts of things. In short, as a user we all can benefit a lot from NFT since it’s been digitized by providing us a lot of facilities in accessing our favorite songs and videos to keep us entertained.
In conclusion, NFT makes work way more easier than you think. This program not only helps to like copy or download a digital file such as pdf’s that has been shared to us through any type of websites, but it allows us to hold our rights to our own original copies.