NFT

What On Earth Is NFT And How Does It Work

There have been a lot of hours of reading. I think I’ve figured out what to do. I also think I’m going to cry. 

Start at the beginning: 

To understand what an NFT is, you need to know what it is. The name NFT stands for what? 

A token that can’t be changed. 

That doesn’t help much. 

Sorry for the trouble. “Non-fungible” means it’s unique and can’t be replaced with anything else. A bitcoin, for example, is fungible, which means you can trade one for another and get the same thing. It’s not possible to make a one-of-a-kind trade card. There are a lot of things you could do if you traded this card for another one: It was called “the Mona Lisa of baseball cards” by StadiumTalk. You traded Squirtle for a 1909 T206 Honus Wagner card. (I’ll believe them.) 

Watch the below video on all you need to know about NFT:

What are NFTs? 

Most NFTs are part of the Ethereum blockchain. Ethereum, like bitcoin and dogecoin, is a type of cryptocurrency. Its blockchain also allows for NFTs, which store extra information that lets them work differently from, say, an ETH coin. It’s important to point out that different blockchains can use NFTs in different ways. Some people already have. 

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What should you buy at the NFT store? 

Using NFTs to sell digital art is the most popular way to use the technology right now. NFTs can be anything digital: drawings, music, even your brain being downloaded and turned into an AI. 

You can buy my good tweets. (Also, we were trying to come up with something so ridiculous that it wouldn’t be real.) So, of course, soon after we wrote the article, Twitter’s founder sold one of his for less than $3 million. 

There are people who think this will become a way to collect things like this. 

So does the person who paid almost $400,000 for a 50-second Grimes video or $6.6 million for a Beeple movie? I’m sure they hope so. A piece of Beeple’s art was sold at Christie’s, which is a well-known auction house. 

In contrast, NFTs give you something you can’t get anywhere else: the right to own the work (though the artist can still retain the copyright and reproduction rights, just like with physical artwork). A Monet print is a tangible piece of art that anyone can buy, so anyone can own one. However, only one person can own the real thing. 

The video isn’t quite as good as a Monet, but I don’t want to make fun of Beeple. 

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What do you think of the Gucci Ghost? It costs $3,600, but you can get it for that price. You also didn’t let me finish before you did. In 2014, Monet’s painting Nymphéas sold for $69 million, but Beeple’s picture sold for $69 million at Christie’s. That’s $15 million more than that. 

The person who buys that Monet will be able to see it as a real thing. A copy of digital art is just as good as the original. 

There is a lot of freedom that comes with owning a real Beeple, but… 

I think I heard that NFTs were already done. Didn’t the boom end? 

But you might have heard of penguin colonies, right? 

In what ways are NFTs good for you? 

People who are artists and people who buy things have different needs. 

I have a lot of ideas. 

First, I want to congratulate you. Congratulations on your hard work. You might be interested in NFTs because they let you sell work that would be hard to sell. If you come up with a great idea for a digital sticker, what will you do? The iMessage App Store might be able to help you sell your app. There isn’t a way. 

This way, if your work becomes very popular and its value rises, you’ll get some of the money. 

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I shop. 

Buying art is a good way to support the artists you like, and this is also true with NFTs (which are way trendier than, like, Telegram stickers). There’s also the fact that you own the work, which is backed up by a blockchain entry. 

Do NFTs work like any other speculative asset? You buy one and hope its value rises over time so you can sell it and make money. However, I feel a little dirty for bringing it up, so I don’t want to.

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