NFT explained | What is NFT | Non Fungible Token – YouTube

NFT explained | What is NFT | Non Fungible Token

  • Video Views: 6
  • Published On: 2022-04-26 03:25:35
  • Video Published/Author: Edugateway
  • Video Duration: 00:03:35
  • Source: Watch on YouTube

Non-fungible tokens (NFTs)

NFTs are assets of digital platforms that are videos, music, pictures, artworks, game-items, and other related objects. The first NFTs concept evolved in 2014.
Recently, NFTs gained huge popularity. Since the end of 2017, there is more than US$ 170 million being circulated in NFTs only.
NFTs are defined with unique alphanumeric codes to represent the actual owner of it. Since anyone can find images, videos, music, and such other artworks online and use it,
But why in NFTs being “common objects” become so expensive and sold so high in price?
Answer is: “Digital Ownership Craze” if you own an NFT and someone can take screenshot of it or download it.

But in the digital world, you are the original owner of it! That’s the swag people enjoy in creating and owning NFTs
Is NFT another cryptocurrency?
Yes, but with some unique variation, Bitcoin can be traded with Ethereum and vice versa as they are fungible currencies.
But NFTs are non-fungible tokens as each NFT has a unique or different value than others.
NFTs are operated with Ethereum and also with some other blockchains

Creating an NFT is called Minting it can be the image, video, animation, artworks sounds, music, Gifs and other tangible or intangible objects

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