A beginners guide to NFT’s 😊
So recently a ton of news / hype has been coming out about NFT’s, so what are NFT’s? What can we do with them? Are they overhyped? Let’s find out together!
What is an NFT
First off, NFT literally stands for Non-Fungible Tokens, when I saw that I wasn’t too sure what that meant either, but pretty much this is a digital asset. Imagine owning a painting, this painting is a one of one which appreciates in value, you could essentially keep it or resell it later on and make more money (as long as the painting went up in value), this is about 50% of what an NFT is. A huge problem with paintings (or any other investment like this, sports cards, memorabilia, etc.) is the risk of counterfeits, someone could essentially create a fake painting and try selling it off as an authentic one. The power behind an NFT is that it not only is a one of one, but the NFT contains information that essentially proves its authenticity! Also, another advantage I see about NFT’s compared to tangible assets like a painting is that a painting could be destroyed or ripped up, an NFT cannot be destroyed or deleted since it lives on the blockchain.
