NONFUNGIBLE TOKEN BIBLE
WHAT IS AN NFT? WHAT DOES NFT STAND FOR?
Non-fungible token.
That doesn’t make it any clearer.
Right, apologies. “Non-fungible” pretty much implies that it’s interesting and can’t be supplanted with something different. For instance, a bitcoin is fungible — exchange one for another bitcoin, and you’ll have the very same thing. An exceptional exchanging card, notwithstanding, is non-fungible. In the event that you exchanged it’s anything but an alternate card, you’d have something totally unique.
How do NFTs work?
At an undeniable level, most NFTs are important for the Ethereum blockchain. Ethereum is a cryptographic money, as bitcoin or dogecoin, however its blockchain additionally upholds these NFTs, which store additional data that makes them work uniquely in contrast to, say, an ETH coin. It is important that other blockchains can carry out their own adaptations of NFTs. (Some as of now have.)
Can't I just Simply Download the file?
You can duplicate a computerized record however many occasions as you need, including the craftsmanship that is incorporated with a NFT. In any case, NFTs are intended to give you something that can’t be duplicated: responsibility for work (however the craftsman can in any case hold the copyright and generation rights, actually like with actual fine art). To place it as far as actual workmanship gathering: anybody can purchase a Monet print. Be that as it may, just a single individual can possess the original.
Who would pay hundreds of thousands of dollars for a trading card?
Indeed, that is essential for what makes NFTs so untidy. A few group deal with them like they’re the eventual fate of artistic work gathering (read: as a jungle gym for the super rich), and a few group deal with them like Pokémon cards (where they’re open to ordinary individuals yet in addition a jungle gym for the uber rich).
Can NFT be stolen?
it depends. Part of the appeal of blockchain is that it stores a record of every transaction, which makes stealing and flipping more difficult than paintings hanging in a museum. In other words, cryptocurrencies have been stolen before, so it really depends on how the NFT is stored and how much work potential victims are willing to put in to get their stuff back
Can I buy NFTs with cryptocurrencies?
Yes. Probably. A lot of the marketplaces accept Ethereum. But technically, anyone can sell an NFT, and they could ask for whatever currency they want.