Illusion
New member
Welcome to NFT 101
In today's post we will be covering 3 power points of NFT
1. What is a NFT?
2. How does it work?
3. What is NFT used for?
So let's get right into it! NFT stands for a non-fungible token, which means it can neither be replaced nor interchanged because it has unique properties. Like Bitcoin or Ethereum. The term NFT clearly represents it can neither be replaced nor interchanged because it has unique properties. Physical currency and cryptocurrency are fungible, which means that they can be traded or exchanged for one another. Now that you've taken your steps in understanding what an NFT is, you should continue on and learn about how an NFT works. The majority of NFTs reside on the Ethereum blockchain, a distributed public ledger that records transactions. NFTs are individual tokens with valuable information stored in them, Because they hold a value primarily set by the market and demand, they can be bought and sold just like other physical types of art. People interested in Crypto trading and people who like to collect artwork often use NFTs. Other than that, it has some other uses too like: Digital Content — The most significant use of NFTs today is in digital content. Content creators see their profits enhanced by NFTs, as they power a creator economy where creators have the ownership of their content over to the platforms they used to publicize it. Gaming Items — NFTs have garnered considerable interest from game developers. NFTs can provide a lot of benefits to the players. Normally, in an online game, you can buy items for your character, but that’s as far as it goes. With NFTs, you can recoup your money by selling the items once you’re finished with them. Investment and Collaterals — Both NFT and DeFi share the same infrastructure. DeFi applications let you borrow money by using collateral. NFT and DeFi both work together to explore using NFTs as collateral instead.
In today's post we will be covering 3 power points of NFT
1. What is a NFT?
2. How does it work?
3. What is NFT used for?
So let's get right into it! NFT stands for a non-fungible token, which means it can neither be replaced nor interchanged because it has unique properties. Like Bitcoin or Ethereum. The term NFT clearly represents it can neither be replaced nor interchanged because it has unique properties. Physical currency and cryptocurrency are fungible, which means that they can be traded or exchanged for one another. Now that you've taken your steps in understanding what an NFT is, you should continue on and learn about how an NFT works. The majority of NFTs reside on the Ethereum blockchain, a distributed public ledger that records transactions. NFTs are individual tokens with valuable information stored in them, Because they hold a value primarily set by the market and demand, they can be bought and sold just like other physical types of art. People interested in Crypto trading and people who like to collect artwork often use NFTs. Other than that, it has some other uses too like: Digital Content — The most significant use of NFTs today is in digital content. Content creators see their profits enhanced by NFTs, as they power a creator economy where creators have the ownership of their content over to the platforms they used to publicize it. Gaming Items — NFTs have garnered considerable interest from game developers. NFTs can provide a lot of benefits to the players. Normally, in an online game, you can buy items for your character, but that’s as far as it goes. With NFTs, you can recoup your money by selling the items once you’re finished with them. Investment and Collaterals — Both NFT and DeFi share the same infrastructure. DeFi applications let you borrow money by using collateral. NFT and DeFi both work together to explore using NFTs as collateral instead.
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