The blockchain space has been really popular lately and you might here about all of these different terms and its kind of hard to keep up with what is going on. Today I am going to talk about one of the buzz words NFT.
What is a NFT anyway?
You may have heard NFT, but what is a NFT exactly? NFT is a non-fungible token. You can think of it as like a piece of art or digital collectable that cant be exchange for something else, like bitcoin for example.
How do NFT's work?
At a high level NFT's are part of the Ethereum blockchain. The Ethereum blockchain is used to build things. ERC-721 is the standard for a NFT, you can read more about this topic here
What are people using NFT's for?
NFT's can pretty much be anything. You can create music, digital art, or various things. You might have heard of crypto punks. These NFT's are pretty popular and cost a lot. I notice the people that are within the Ethereum network, are using the crypto punks as there profile pictures, especially on twitter.
So why own a NFT?
With blockchain technology you are storing your information on a public ledger. This means that when you purchase a NFT it will show that you are the original owner. Therefore, if you decide to sell your NFT that also will be documented on the blockchain. You will always know if something is real or not.
Gaming NFT what??
Another cool thing about NFT's is that gaming is really big in the blockchain space right now and NFT's are part of it. You can collect NFT's from certain games and trade them in and out of games in some instances. Check out this cool game here
I hope this was helpful.