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(1) What is an NFT?
Understanding 101: NFTs.
A thread from a
Understanding 101: NFTs.
A thread from a
(2) An NFT (non-fungible token) is a way to prove ownership of an asset, both digital & physical.
It proves ownership of an asset by utilising the blockchain; a public, permanent and immutable ledger which contains all transactions that occur between parties.
It proves ownership of an asset by utilising the blockchain; a public, permanent and immutable ledger which contains all transactions that occur between parties.
(3) A popular example is Crypto Art.
NFTs allow digital art to be treated like physical art. They allow the authenticity of an artwork to be shown globally and it can be a 1/1 artwork that proves ownership.
An NFT has a unique ID on the blockchain meaning it cannot be forged.
NFTs allow digital art to be treated like physical art. They allow the authenticity of an artwork to be shown globally and it can be a 1/1 artwork that proves ownership.
An NFT has a unique ID on the blockchain meaning it cannot be forged.
(4) → Crypto-Currencies
A crypto-currency is a digital asset designed to work as a medium of exchange where the transactions are all recorded on the blockchain. You can buy goods & services or trade them.
A crypto-currency is a digital asset designed to work as a medium of exchange where the transactions are all recorded on the blockchain. You can buy goods & services or trade them.
(5) → Ethereum
Ethereum is the second biggest crypto-currency and the main currency used for purchasing Crypto Art and NFTs. This doesn't include others that you can purchase NFTs with, Ethereum is a separate currency and $ETH is the ticker that represents it.
Ethereum is the second biggest crypto-currency and the main currency used for purchasing Crypto Art and NFTs. This doesn't include others that you can purchase NFTs with, Ethereum is a separate currency and $ETH is the ticker that represents it.
(6) If you made it here, drop a retweet on the original post if it helped you understand NFTs a bit more.
A little bit more in-depth (Beginners) article where I took the information from can be seen here: https://www.loop-news.com/p/beginners-guide-crypto-art-and-nfts
A little bit more in-depth (Beginners) article where I took the information from can be seen here: https://www.loop-news.com/p/beginners-guide-crypto-art-and-nfts
(7) And, these are all the basics.
NFTs go a lot further than this. So many more possibilities and markets to explore. Here is an article I did if you are interested in reading more: https://www.loop-news.com/p/the-endless-possibilities-of-nfts
NFTs go a lot further than this. So many more possibilities and markets to explore. Here is an article I did if you are interested in reading more: https://www.loop-news.com/p/the-endless-possibilities-of-nfts
