NFT is a short form or abbreviation of Non-Fungible Token. NFT is simply a mechanism to recode or transfer the ownership of the Digital assert.
NFT is a buzzword nowadays everyone is talking about it. So let’s see what do you mean by NFTs
NFT is a short form or abbreviation of Non-Fungible Token. To understand what is the meaning of a Non-fungible Token, let’s break it into parts:
Non = Not
Fungible = Change,
Token = Here Token means a unique number such as your mobile number.
because your mobile number is unique in the world, anyone can contact you with your if you own that number or the sim.
So, NFTs are those kinds of complex alpha-numeric random strings (a set of characters is known as strings).
How NFT work?
So as per the definition, it’s just a computer-generated random key like any other password generator. So now let me tell you How NFTs Work?
NFT works on the blockchain technology, on a blockchain network, ideally Ethereum Blockchain. over a public league that tracks the transactions and authorizes the owner of the holding person.
NFTs can be all kinds of digital assets such as:
NFTs are unique pieces of art although you can create a copy of that sample by screen recorder or any kind or capture anyhow, but that is not the original. Just like there are more than a million copies of Monalisa’s painting but there is only one and only one Monalisa painting in the world.
What is the Future of NFTs?
well, I am not an expert in predicting the future. I am just a normal guy software developer, As per my experience in this industry and my research, I am sure Crypto is the future of transaction money for sure. Ya, you may say that it’s a bold statement to say that and I have no authority to say it. But throughout human history, the common phenomenon that it repeats itself.
Blockchain itself is a revolutionary technology that is changing the world at an unimaginable rate. Prior NFTs there is no way to prove the digital copy that you have it’s your or not. I can still download any video from the internet and post it on my website. there is no way to find this kind of act first.
But with NFTs. if own an NFT asset, you are the right full owner of that pic of the digital asset. Regardless you made that art on your own or you purchased it from the previous owner.
In my point of view in the future, NFTs will play a huge role in controlling Online Piracy and Copy Rights
What is the best marketplace for NFTs?
OpenSea is a leading NFT Market place. OpenSea has all types of digital assets available on its website, where you can sign up for free and explore the large art gallery.
You can publish your own art there and create yourself on NFTs
Let me wrap this post, for now, thank you so much for reading