Blockchain and Cryptocurrency: NFTs

NFTs, explained

Non-fungible token.

"“Non-fungible” more or less means that it’s unique and can’t be replaced with something else. For example, a bitcoin is fungible — trade one for another bitcoin, and you’ll have exactly the same thing. A one-of-a-kind trading card, however, is non-fungible. If you traded it for a different card, you’d have something completely different. You gave up a Squirtle, and got a 1909 T206 Honus Wagner, which StadiumTalk calls “the Mona Lisa of baseball cards.” (I’ll take their word for it.)"

References
Clark, M. (2021). NFTs, explained. The Verge. 
https://www.theverge.com/22310188/nft-explainer-what-is-blockchain-crypto-art-faq

WHAT YOU NEED TO KNOW

• NFTs are unique cryptographic tokens that exist on a blockchain and cannot be replicated.

• NFTs can be used to represent real-world items like artwork and real-estate.

• "Tokeninzing" these real-world tangible assets allows them to be bought, sold, and traded more efficiently while reducing the probability of fraud.

• NFTs can also be used to represent peoples identities, property rights, and more.

References
Sharma, R. (2021, March 8). Non-Fungible Token (NFT) definition. Investopedia.
https://www.investopedia.com/non-fungible-tokens-nft-5115211

Non-fungible tokens (NFT)

• A way to represent anything unique as an Ethereum-based asset.
• NFTs are giving more power to content creators than ever before.
• Powered by smart contracts on the Ethereum blockchain.

References
Ethereum Foundation. (2021, June 21). Non-fungible tokens (NFT). Ethereum.org. 
https://ethereum.org/en/nft/