Crypto Word of the Week
Okay, so what is a NFT, for real?!
No it doesn't stand for "never fart twice", however true a statement (and best practice) it might be. Nor does it stand for "never fart toads" as one of my team members (whose name will remain anonymous to protect the innocent) suggested, even though that's definitely not something I'd like to experience!
But I digress...
NFT stand for "non-fungible token".
NFTs change the crypto model by making each token one-of-a-kind and irreplaceable, making it difficult to compare two non-fungible tokens. They are digital representations of properties that have been compared to digital passports and each token has its own special, non-transferable identification that allows it to be distinguished from others. (https://www.blockchain-council.org/smart-contracts/what-is-nft-what-does-nft-stand-for/)
Read the rest of the article linked above. It gives a good expanded definition on NFTs and their purpose.
The take away: the NFT landscape has limitless possibilities for the bold adventurer!
Yes art, but so much more!
Art is probably one of the most common NFTs out there. OpenSea and Mintable, are two Web3 sites out there that allow people to create their artwork or collectibles and sell them. In fact, I have a few of my art pieces for sale right now (Here's one called "More Precious Than Silver"). But remember, NFTs aren't just art. It can be other sorts of collectibles: audio, video, domain names, trading cards, virtual worlds, and lot of other things.
At this point you may be asking yourself, "but why in the world would anyone want to buy an NFT called "fishmonki"?! I'm with you man...haven't a clue! The old adage, I guess, applies here, "Beauty is in the eye of the beholder".
NFTs are cool, in a weird kinda way, and it fits in with the whole "wild, wild west" theme of the crypto world unfolding before us today. As case-use and value becomes more mainstream, I'm sure we'll begin to see the market reign in the really useless NFTs out their...
But for now? I'm off to buy me a Cowboy Cat #1! Yeehaw meow!!!
The Pied Piper
Live above the sun!