This is almost the same as buying land on the Moon or buying the right to call the star in honor of someone. But, NFT is not regulated anywhere and is not recognized as a way to indicate ownership. However, we live in a world of laws that must regulate such relations of people, even in the blockchain realm. NFTs are intended to provide you with something unique: ownership of the work (though the artist can still retain the copyright and production rights, just like with physical artwork). NFTs can be anything digital (drawings, music, photos, gifs), but the current buzz is focused on exploiting the technology to sell digital art. Ethereum, like bitcoin and dogecoin, is a cryptocurrency, but its blockchain also enables these NFTs, which hold additional information that allows them to function differently. Most NFTs are, at a high level, part of the Ethereum blockchain. So non-fungible means that you'd get something altogether different if you swapped it for a different card. It doesn’t work the same with non-fungible tokens: for example, if you gave up your unique picture of a cat and you got a totally different picture of a dog. If you trade your fungible token, which is bitcoin, you will get another bitcoin, so you will have the same item. It may sound even more complicated, but ‘non-fungible token’ means that it is something unique, something in only one copy. And discuss what really hides behind such a new and hyping art marketplace.Īctually, NFT stands for non-fungible token. In this article we are trying to explain in simple language what NFT is. All over the Internet we are only hearing news about it.
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