TLDR; A non-fungible token (NFT) is a cryptocurrency token that is indivisible and unique. One NFT cannot be interchanged with another NFT, and the whole cannot be broken down into smaller parts and used.
Akin to ERC20 tokens in which there are your known and favorite cryptocurrencies (name whichever you want, USDT, BNB, etc), there are ERC721 tokens. The main difference between an ERC20 token and a ERC721 token is that one is fungible and one not. That's what NFT stands for, Non-fungible token.
Suppose I have 100 USDT (an erc20 token) and I send you 20 USDT, it doesn't matter which USDT I give it to you, they are all the same, the first USDT is the same as the last one, they have the same "value", a dollar. Your everyday cash is also fungible, it doesn't matter which bill you get, they all have the same value.
On the other hand, a NFT have different values, if I hold 2 NFTs, and I send you one, I have to think carefully since they have different values. The main purpose of NFTs as of right now, is to prove ownership of something, for example art, music, collectibles, etc.
I can go on a NFT marketplace and purchase something, now I'm owner of it, and that gets stored on the Blockchain. Likewise, if I'm a designer, I can create art and sell it.
TLDR; A non-fungible token (NFT) is a cryptocurrency token that is indivisible and unique. One NFT cannot be interchanged with another NFT, and the whole cannot be broken down into smaller parts and used.
That´s fucking sexy
Originally Posted by Stack
I can go on a NFT marketplace and purchase something, now I'm owner of it, and that gets stored on the Blockchain. Likewise, if I'm a designer, I can create art and sell it.
What controls the price of this particular NFT? Say I created a painting for $100. Does it stay at that value regardless of demand/market, until I increase the value of it to say, $120, manually by myself (the current owner of the NFT)?
Originally Posted by Mayion
What controls the price of this particular NFT? Say I created a painting for $100. Does it stay at that value regardless of demand/market, until I increase the value of it to say, $120, manually by myself (the current owner of the NFT)?
You can go and create your own collectible and set the price to whatever you feel it's worth, buyers will then decide if it's that valuable or not. If you bought something and you want to change the price, I'm sure you most likely can do it, since its yours now and the whole world agrees that you are the owner since it's stored on the blockchain.
An interesting item that's listed there is "The first Tweet of Twitter CEO Jack Dorsey", which to be honest I have no clue how that was transformed into an collectible/asset which you can buy.
I mean, what are you buying? Suppose it's art, that's easy, you're purchasing the painting from an artist and possibly the copyrights, but a tweet? Idk, not experienced enough into this NFT world
Originally Posted by Stack
You can go and create your own collectible and set the price to whatever you feel it's worth, buyers will then decide if it's that valuable or not. If you bought something and you want to change the price, I'm sure you most likely can do it, since its yours now and the whole world agrees that you are the owner since it's stored on the blockchain.
An interesting item that's listed there is "The first Tweet of Twitter CEO Jack Dorsey", which to be honest I have no clue how that was transformed into an collectible/asset which you can buy.
I mean, what are you buying? Suppose it's art, that's easy, you're purchasing the painting from an artist and possibly the copyrights, but a tweet? Idk, not experienced enough into this NFT world
Unless I am missing something, the concept seems a bit weird? Like, how do you prove ownership of say, the painting or asset. Can't I just steal someone's digital art, sell its rights and essentially scam both sides?
If it does not require authentication, then I don't see how you can validate the ownership.
Cannot undersand the new section;
Originally Posted by Bernard
