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In our case, NFT’s can hold data like verification of ownership, history of ownership, prices and so on. NFT’s by being based upon this blockchain technology are able to utilize the blockchain technology to hold additional information about their tokens. They work through a system called Smart Contracts (Will get to this later). Ethereum or Ether is a very special blockchain technology as they can hold additional data or information about a particular token. NFT’s are entirely based on the blockchain technology and more specifically, they are based on the Ethereum Blockchain.
The reason why these tokens can represent digital assets is because of the way NFT’s are built. Due to this, Today, NFT’s are used to represent digital assets and collectibles such as Original Artwork, Trading Cards, Music, Videos, Digital collectibles and anything digital. This is not the case with NFT’s as NFTs are unqiue to each other and every NFT Token out there is different. He will have the exact same kind of Bitcoin as yours. Do you think, your friend will own his version of Bitcoin, No. While most of the Crypto Tokens are “Fungible” like Bitcoin as they can be duplicated and replaced.įor example, say, you have 5 BTC, and you give one to your friend.
Non-Fungible meaning they cannot be duplicated, replicated or replaced. However, these tokens are unique and are “Non-Fungible”. Non-Fungible-Tokens or so called NFT’s are basically Crypto Tokens just like any other tokens( remember the fact that yes they are indeed just tokens). Never in the history of the art world has this ever happened!. And what really doesn’t make sense is the fact that a collage of 5000 paintings selling for $69 Million Dollars. While many people familiar with the Crypto World do have an idea what they really are, for most of us NFT’s are like some kind of magical crypto techy thing that doesn’t make sense. Its 2021 and there is a massive explosion of the idea so called Non-Fungible-Tokens, all over the world.
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