Lesson 1: What is an NFT?
what is an NFT?
An NFT or a non-fungible token is a unique asset that is stored on the blockchain.
NFT stands for non-fungible token
Non-fungible means that something cannot be exchanged like-for-like
A fungible item is something like a dollar; one dollar is worth one dollar and you can exchange one for another but non-fungible items are things which are not identical. So, for example works of art: you cannot trade a Picasso for a Michelangelo because they're not worth the same thing because it's impossible to identify a fungible value of those items.
An NFT can represent pretty much anything. This includes art but is not limited to it. This art can be anything from a simple digital image to a more complex 3d rendering. Remember that NFT is not the art -it's a bundle of data that represents that artwork.
Since NFTs are stored on the blockchain, it means they are decentralized. This means they are not stored in one location but rather are spread across multiple different nodes.
This means that one agent cannot change, delete or manipulate that folder or that file.
This means that it's safe from hackers or from malicious parties trying to change or delete or remove data. It means that your art cannot be seized, or taken down by a single party and this security is really valuable for artists.
What is an NFT?
An NFT, or non-fungible token, is a digital asset that is unique and cannot be replicated.
An NFT is a cryptographic asset that is stored on the blockchain. They can represent pretty much anything, and this includes but is not limited to digital art. This art can be anything from a simple image to a more complex 3D rendering.
Remember that the NFT is not the art - it is a bundle of data that represents that artwork.
Since NFTs are stored on the blockchain, it means they are decentralized.
The asset is not stored in a single location, but rather it is distributed across a network of computers. This makes it more secure and difficult to hack, as well as ensuring that the asset cannot be seized or taken down by a single party.