What is NFT Future? Full form of NFT is Non-Fungible Token and what do we mean by non-fungible? So, non-fungible means not replaceable or non-exchangeable.
Isn’t it shocking to hear news like, Amitabh Buchan’s NFT collection got auctioned for RS 7 crore.
Jack Dorsey co-founder of tweeter got his first tweet sold as an NFT for an oddly specific $2,915,835.47!!
An Indonesian student Ghozali who made his 1000 selfies. He combined them and within five days made an album out of it, and got it million worthy!
Read more about Top 10 Celebrities that hold NFTs
Well it is a crazy world, you can expect anything from it.
Now here is must be amazing thing which must have been circulating at is NFT Future? . These are trying to sort out in your mind. What basically is an NFT (Non-fungible token)? what we have to do with it and how we can eventually make it happen?
Well stop worrying you are just at the right place. This article will help you to learn completely about NFT’s and what does it exactly refer to.
Read more about Lana Rhoades NFT Scam
What is NFT?
What is NFT Future? Full form of NFT is Non-Fungible Token. And what basically do we mean by non-fungible?
So, basically non-fungible means not replaceable or non-exchangeable. Something that we can’t change with a similar thing. The more precisely something that has uniqueness in it, some rareness in it.
For instance consider it with an example, Ahmad has 5000rs note. Ali has ten separate 500rs notes, which if exchanged counts the same value as of 5000rs. Such things are called fungible. Which means it is replaceable.
But now consider, there’s a pen which your father gifted you on your 10th birthday. Someone comes up to you with the same pen and asks to trade it with it. While it doesn’t makes any difference. Would you do it?
No, of course not you will never do it. As it has uniqueness in it, it is something that is dear to neglecting that the other pen is same. In short it is something, something that you can’t change with the similar one too.
So, basically the pen is something you can call non-fungible for you, it is something you won’t ever replace. Which concludes the definition of non-fungible.
Something that is non-replaceable, that is non-exchangeable is called Non-Fungible.
Now you know what is non-fungible. So let’s get back to our topic which is NFT’s with an addition of word token in it. So basically what does that token refer to and how can we earn millions of dollars from it? Is it a token made of gold?
Let’s make it clear with another example. Now for instance consider in your mind, you are going to buy a Ferrari. So what’s the first thing you are going to consider before buying it?
How does NFT drifts?
Ha-ha absolutely not, but it’s the papers to that vehicle. The registration papers of that vehicle, that whether they are they legal or are they not. And then you will make sure that after buying they are on your name. And you are the owner of that Ferrari.
Similarly, in digital world when you buy something for instance a music album. A digital painting, a photo album and etc.
Now where’s the proof that these things are yours? And you are the only one that owns that specific digital form thing? So here you will get a token for that specific digital thing. It would be in a digital form. It won’t be able to touch it like touching Ferrari registration papers, but rather it in a digital form. Which is tracked by public, in the form of Block Chain.
Now, block chain is a technology on which bit coins and dodge coins type of currencies are based. In short block chain means that all the record is kept by public. Only the public in specific blockchain will be able to see what transaction are making with data or money.
For instance consider an example. Ali wants to transact his money to Ahmad without having any records being kept in banks. So what is this technology basically which will make Ali able to transact his money without any bank notices. How can he send money to Ahmad without interruption of bank?
Yes! You’re thinking right. It’s the Block chain which allows Ali to transfer his money in such way. Which will be only visible to the people in his specific block chain. Now you must keep in mind only the people who are in that specific block chain. Whether it is thousands of people it’s just a blockchain between some odds only. They will be able to see that Ali transferred money to Ahmad. Which makes a record of payment too and is transparent too.
What’s the point of it all? What do we have to do with Ali’s and Ahmad transaction? And how is it related with NFT’s?
Must be all the questions arising in your mind right now.
So basically the link is that, consider in the place of that transaction. Instead of that currency you bring tokens in it. You made some digital artwork through digital platforms. Now you want the proof to it. It only comes under your ownership that only you can sell it in exchange of currency. Currency will demand NFT’s, a Non-fungible token.
You will get a NFT for your artwork. A proof that this artwork truly belongs to you and no one can use it or sell it except you.
Last and the least question that comes up in our minds,
What is NFT Future?
Here question arises,
What is NFT Future?
Yes, the promise of NFTs stretches far beyond odd digital artworks. NFTs are also used to purchase digital land in virtual worlds. This include for next-generation music ownership, licenses, and publication. Some experts predict that in the future, NFTs will provide access to special sales or limited-edition products.
I hope this made you clear what basically it refers to. When someone says I am getting a NFT, I am selling my NFT and etc.
Now you can tell them too, you are working on a NFT that would worth million dollars.
Make the grind!
Read more: What is a Gas Fee?