NFT - Non-Fungible Token
Hi Steemians it's good to be here Once again and I'm glad joining this contest organized by @khursheedanwar of which I find the topic motivating and interesting.
Let's get this done again and again
- The NFTs, in details Non-Fungible Tokens, are also a type of the digital asset. So Unlike the regular money, which definitely can be exchanged for any other money of uniquely the same value, NFTs are indeed unique. Let's all think of them like a trading cards or a collectible toys. Each one of it is very much special, and so you can't just take actions to swap it for another one because they definitely might have different values.
How NFTs Work |
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"NFTs" do operate on a pretty technology called blockchain. A blockchain here is mostly like a digital ledger or definitely record book that is much safe from either being changed or hacked. So when ever someone out there buys an NFT, they indeed own a digital certificate perfectly stored on the blockchain that helps proves the NFT is theirs or own. This kind of ownership can be for the digital art, the music, video clips, virtual real estate, and too even video game items as the case maybe.
Why NFTs Are Important |
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1. Ownership and Creativity: NFTs always give the artists and too creators a genius new way to help sell their work online. Definitely then before NFTs, the artists could sell the copies of their art, but it was kind of hard to prove who really owned the original piece. But NFTs here helps to allow artists to do sell original digital art and then get paid for it so easily.
2. New Marketplaces: The NFTs do have created a new online marketplaces where all people involve can definitely buy, sell, and as well trade digital items. These kind of marketplaces have opened up a new amazing opportunities for creators and the collectors.
The Downsides of NFTs |
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1. Environmental Impact: The very blockchain technology used by the NFTs do requires a lot of the energy, which certainly can harm the environment in the process. This is effective because the computers so used to do maintain the blockchain consume more and a whole lot of electricity.
2. Speculation and Risk: The very value of the NFTs can be so unpredictable by any. Some of the people buy NFTs much hoping they will become like more valuable over the time, but then there's a risk that they all could lose money if that market changes anytime.
3. Scams and Theft: Again Since the NFTs are much digital, there too have been cases around where people's NFTs were likely stolen through the victim of scams or hacking.
In summary,
NFTs really offers all an exciting new opportunities for all the artists and collectors but as well also come with some risks and the challenges. As so with any new technology out in the digital phase, it's very much important to do understand both the benefits and as well the drawbacks before getting involved and how to prevent and avoid them.
I'm inviting @bossj23, @benton3 and @kidi40 to please join me in the world of NFT's let's all learn together.
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At first, I never saw any value in Nft not until I came to read through and find the details therein. Thanks for the invite. Also know that Nft can be minted for good money and can be created with a lower amount of fees
sure.
thanks 🙏 sir
The first time i started reading the post , i did not really understand what NFTs was use for, but going through the important NFTs i realize that NFTs give artists and creators a genius new ways to sell their work online and others.
Have learnt alot from it.