What is an NFT?

Date:Mar 13, 2023

Total Tips:50007

Description

So I'm going to describe what an NFT is in the most basic terms as I can. NFT stands for Non Fungible Token. Fungible means something is able to be exchanged or substituted and will hold the same value. It's interchangeable like the dollar, gold, casino chips, bitcoin, ethereum or frequent flyer loyalty points. If I lend you 10 dollars cash and you return to me two 5 dollar bank notes, I'm fine with that because even though they are different, they hold the same total value. So non-fungile obviously means it's an asset that can't be substituted. It has unique attributes that makes it different from something else in the same asset class. Like a painting, a theatre ticket, a house, a video game skin, a trademark or a CryptoKitty which was the first real use case to take off on the Ethereum blockchain in 2017. Some of these assets are physical and tangible and others are digital and intangible. So NFTs are non-fungible tokens. 'Token' refers to a digital certificate stored on a secure distributed database called a blockchain. NFTs are digital assets. Publicly verifiable intellectual property authenticated on a blockchain.

Comments

alhajiThu Nov 23 2023

Your comment looks wierd

Realy wierd

alhajiThu Nov 23 2023

Great videoReally great

alhajiThu Nov 23 2023

Your comment looks wierd

Realy wierd

luckybassThu Sep 07 2023

Nice

macdonkceeTue Sep 05 2023

Thanks

bilionairenftMon Sep 04 2023

Wow... this is well simplified and easy to understand both for newbies.

0x1a946398...Thu Jun 01 2023

Friy join 1 2023 Todayat 20:47

0x1a946398...Thu Jun 01 2023

Friy join 1 2023 at 08:47

0xea94a0a8...Sun May 14 2023

اوك

bedborFri May 05 2023

Nice

umutcanTue May 02 2023

👏

0x0d006420...Wed Apr 26 2023

nice one

0x5a620c5c...Mon Apr 24 2023

Nice video

0x05d0d855...Sun Apr 23 2023

Wowww

0x6fab2270...Fri Apr 21 2023

This is great

uncleWed Mar 15 2023

👍Thank u

alanvieiraWed Mar 15 2023

great

uncleWed Mar 15 2023

👍Thank u

baqerTue Mar 14 2023

Yep... this is what I need NFTs for dummies. I keep trying to understand it. This was a helpful step.

uncleMon Mar 13 2023

👍

uncleMon Mar 13 2023

👍

uncleMon Mar 13 2023

👍

uncleMon Mar 13 2023

👍

uncleMon Mar 13 2023

👍

uncleMon Mar 13 2023

👍

uncleMon Mar 13 2023

👍

uncleMon Mar 13 2023

👍

uncleMon Mar 13 2023

👍

uncleMon Mar 13 2023

👍

uncleMon Mar 13 2023

👍

uncleMon Mar 13 2023

👍

uncleMon Mar 13 2023

Thank u 👍

dianeb92Mon Mar 13 2023

Nice video. Good to see some educational content 👌

uncleMon Mar 13 2023

Thank u 👍

0x6a5c2445...Mon Mar 13 2023

🔥

0x57c35f9d...Mon Mar 13 2023

🖼 NFT

0xcdb3ba14...Mon Mar 13 2023

And here we are. Talking more about this. So a NFT is documentation that you own a digital asset?

wissamMon Mar 13 2023

Nice one

0x543e3470...Mon Mar 13 2023

Solid vid…. Short which is the new way of YT watchable vids…… little but educational narration…. Clear and to the banging point ⭐️⭐️⭐️⭐️⭐️

uncleMon Mar 13 2023

👍

0x269e9b05...Mon Mar 13 2023

now i know what i NFT means ... thank you :)appreciated much

0xc6180ff9...Mon Mar 13 2023

Thank you for such a solid explanation. Much Appreciated

0x443edf95...Mon Mar 13 2023

Im gonna sell my thoughts on NFT as an NFT

0x8dd41ab3...Mon Mar 13 2023

✅

0x8dd41ab3...Mon Mar 13 2023

thank you, everyone only explains the concept of non fungible tokens, nobody says where to actually browse the nft, that is what got me confused.

uncleMon Mar 13 2023

👍

0xb1083e69...Mon Mar 13 2023

Nice 👍

uncleMon Mar 13 2023

👍

0x6b56279f...Mon Mar 13 2023

👍

0x6b56279f...Mon Mar 13 2023

Very useful short video that explain clearly about NFT! keep going...

0x6a5c2445...Mon Mar 13 2023

🔥

uncleMon Mar 13 2023

👍

0xc65469a4...Mon Mar 13 2023

How do NFTs work with physical art? If a person buys a NFT that is tied to a physical art piece, does that art piece then have to be shipped to that buyer or is the NFT and the physical art piece treated as two separate counterparts?

0x881be955...Mon Mar 13 2023

Thanks alot for this . I bet those who are new to cryptos will appreciate this

0x6b56279f...Mon Mar 13 2023

👍

uncleMon Mar 13 2023

👍

0x27b4f573...Mon Mar 13 2023

Nice, that was simple and to the point. Thanks

uncleMon Mar 13 2023

👍

0x43e6cf83...Mon Mar 13 2023

Thanks for this, people art talking about nfts more now, and watching this, makes me understand it more!still getting used to it tho

uncleMon Mar 13 2023

👍

0x05395cb2...Mon Mar 13 2023

Thank you so much. Takes me forever to understand this

uncleMon Mar 13 2023

👍

0x72ea7164...Mon Mar 13 2023

Great video man I'd love to see one on how to get stated with NFT's/crypto art

uncleMon Mar 13 2023