Understanding NFT? explained

introduction 

The term NFT stands for Non-Fungible Token

Got it? Lets explain with an example first

 

suppose “susan” an aspiring painter she wishes to conduct an online painting exhibition for all her digital artworks however as the exhibition is online. She was worried that his painting would not be safe because anyone could easily forge or imitate them "Mark" came to save him with NFT's ideas.

 

he suggested that “susan” could buy NFTs for all her paintings as NFTs are trustworthy, easily transferable and will also maintain her ownership rights on her artworks. "Susan" doesn't know if NFT is so "Mark" stepping forward and explains it to his NFT change your digital assets into one of the types.

 

By making a unique digital signature that defines your ownership Assets and it can be purchased and sold with cryptocurrency money or any other asset like a “non-fungible token” aka NFT non-fungible tokens means that they are not interchangeable and each of them represents unique assets owned by a specific person on the other hand fungible tokens are interchangeable and can be divided into

smaller units to form the same value.

 

For example a hundred dollar bill is Fungsil Five twenty dollars or two fifty dollars bills but the last supper painting cannot be silenced because it cannot be produced in large quantities. even if it is copied it will not be authentic each NFT contains distinguishable information like who owns the digital asset and who sold it making them distinct and Easy to verify because it is not possible to falsify such certificates. This will secure the originality of his paintings after knowing what NFT is "Susan" curious to know how exactly NFT is.

 

NFT basically creates a blockchain -based digital certificate for your digital collection including the art of game music and many of these certificates provide the identity of your artwork. The underlying technology and programming languages ​​used by NFT are the same as other cryptocurrency such as blockchain and ETH programming languages

Or the NFT manuscript is in Ethereum.

 

Blockchain a distributed public ledger that records all the transactions, however NFT is quite different from these cryptocurrencies bitcoin and ethereum are fungible tokens which means if you trade bitcoin or ethereum for one another you will have the same value or item in return basically money on the other hand NFT is a unique token. you would get something completely different in your hands if you trade it. 

NFT enables you to keep collection of item as many as you want with you with your ownership proof on etherium blockchain.

 

 “susan” was convinced and bought NFTs for all her paintings due to this her artworks were secured from any kind of forgery and also gave her artworks a particular value. This contributes to increasing sales as well because everyone can easily buy works of art without fear. All in all the exhibitions are the success that NFT has proven itself as a gift in the lives of many other people such as Jack Dorsey CEO and one of the founders of Twitter with his first and famous tweet only preparing my Twitter and Vignesh Sandarsen I am famous as Medicovan who bought art NFT worth 69.3 million dollars in people because of increasing popularity.

 

People are now willing to pay hundreds of thousands of dollars for NFT. NFT has increased media exposure and special facilities for prospective artists such as "Susan" on social media. This popularity of NFT creates new opportunities for new art platforms motivating people to buy art from internet platforms and promoting copyright or originality of digital Assets.

 

so here is a question for you what makes any item non-fungible a exchangeability b unique digital signature c trade-ability d distributed public Ledger please give it a thought and drop your answers.

 

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