Steemit Crypto Academy Season 2: An Introduction to Non-Fungible Tokens (NFTs)

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1. What is an NFT? Is A non-fungible token (NFT) is a by-product of a particular type of cryptographic token that isn't interchangeable.they are digital files underpinned by blockchain technology- the same technology on which popular cryptocurrencies like Bitcoin and Ethereum rest. But unlike cryptocurrencies.and also They contain information code that describes the unique coded information as every NFTs have their owner.

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1. How do NFTs work?

It work as online trading cards, GIFs and sports memorabilia to video-game wearables and virtual land in fantasy worlds,While somehow, they are Ethereum blockchain with extra coded information injected. In addition It wouldn't work like ETH while 1 ETH is worth another ETH, that doesn't claim that there would be one original version of the NFT asset in the marketplace.

1. The uses of the NFT?

The uses of NFTs have peaked because it's providing powerful tools for content creators.and according to today's digital platform, artists should transmit the ownership of their art in return for exposure,NFTs it self empower their creators to bake their ownership on each content their sell. Therefore, they don't need to hand over their ownership of the platform to government.

A short history of NFT:

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NFT isn't a new hot but it has been around since 2012–2013: Colored Coins
One could argue that Colored Coins are the very first NFTs to exist. Colored Coins are made of small denominations of a bitcoin and can be as small as a single satoshi.These were fragment units of Bitcoin that colored with specific attributes, it can be used to represent a multitude of assets and have multiple use cases, including:

Property
Coupons
Ability to issue your own cryptocurrency
Issue shares of a company
Subscriptions
Access tokens
Digital collectibles

Colored Coins exemplified a huge leap in Bitcoin’s capabilities, however, their downside was they could only represent certain values if everyone agrees on their worth.
The earliest mention of Colored Coins appears to originate from a blog post in early 2012 by Yoni Assia, titled “bitcoin 2.X (aka Colored Bitcoin) — initial specs.”
The potential of these new assets seemingly was not explored until December 4, 2012, when Meni Rosenfeld published a paper titled, “Overview of Colored Coins.” A few months later in 2013, another paper was published titled, “Colored Coins — BitcoinX.”
Where are NFTs being sold?You can find your pick of the litter in digital marketplaces like OpenSea, Rarible and Mintable. NBA Top Shot sells pro basketball “moments” and Valuables offers tweets for sale.

Thanks for reading.

@levycore