What is NFT or Non-Fungible Token?
What is the matter, I tried to know today. Technology is not as easy to understand as I can understand Rabindranath's novel, but today I think I understood well, now I can explain and write.
Ok come to the point
NFT is digital marketing where unique things are sold. There will be no second copies. And the funny thing is that the whole world will know that you are the owner of that unique property.
The full form of NFT is Non-Fungible token.
Fungible means an asset that can be exchanged. For example, you buy a 250 rupee burger with a 500 rupee note. The shopkeeper will return the rest of the money to you. If he wants, he can give 2 notes of 100 taka and 50 taka, and if he wants, he can give 5 notes of 50 taka or he can give retail of 10/20 taka.
Either way, the value of 250 taka will remain 250 taka. There is an opportunity to exchange. Non-Fungible - Non-exchangeable property. Where there is no possibility of inter change Owning assets through non-fungible tokens.
I think you have the first volume of Seva Prakashani's three detectives, your friend took it to read but won't return it, he will buy a new book. The first print and the current print are definitely different but the value of the first copy is definitely not available in the new book.
Especially the products that people are interested in buying out of love or passion, and of course unique properties are sold in this digital market.
More detailed examples, such as Leonardo da Vinci's Mona Lisa, Taj Mahal may be copied but never the same. Just such a unique product that will not have any copies, Ethereum token is called Non Fungible token (NFT) in the digital market.
So what is NFT or Non-Fungible?
The value of NFT or Non-Fungible Tokens is different from each other. Suppose your NFT token and your friend's NFT token never have the same value.
NFT tokens cannot be broken. For example, if you have 1 Bitcoin, you can spend or transfer that 1 Bitcoin. For example you can transfer 0.05 bitcoins whenever you want. Which is not applicable to NFT.
NFT deals with who owns an underlying product and how much it currently costs to own it. Due to the use of blockchain technology, no fraud is possible through this technology.
Any art is precious. Because it remains the same. However, it can be converted into a digital file if desired. And NFT's job is to tokenize such industries and create digital certificates of ownership. Which has to be bought with the help of cryptocurrency. With this, a record of the buyer's identity and what was purchased will remain in the blockchain. This record cannot be changed. Because it happens through many computers in the world. So there is evidence of it somewhere. The best part of this token is that every time the token is sold, the amount of money will be good.
Any basic object/thing can be traded in NFT market. For example, digital art, collectibles, online gaming materials, book-research, etc.
What can be bought from NFT Digital Supermarket?
- 1. Unique digital art work
- 2. GIFs
- 3. Videos
- 4.Music
- 5. Digital collectibles
- 6. Video game skins or in game items
- 7.Unique design sneakers in a limited run fashion line.
- 8. Domain names
- 9. Tickets giving access to an event.
Life is maintained under blockchain. I hope everyone has an idea about blockchain, Cryptocurrency, otherwise Khatun A Jannat Asha can read your post, excellently explained about Bitcoin. Ethereum is part of this platform.
Transactions of NFTs are secured by Ethereum, Blockchain and publicly open. Just as he cannot change anything, nobody else can copy paste that property, but anyone can download it. Downloading and owning are definitely not the same thing.
Nyan Cat meme A picture of a cat sold for 590 thousand US dollars. The first text written by Twitter founder Jack Dorsey's tweet has sold 3 million. It may be of interest to keep this historical text in the collection.
Currently NFT digital market is very popular. There are many opportunities to work in new areas related to technology. But we don't have that opportunity, virtual currency has not been legalized in our country now. Of course, the neighboring country India has already moved to this platform. It is natural that the first movers will get the benefits.
What is the difference between Bitcoin and Blockchain?
Blockchain technology and Bitcoin are two completely different things. In fact, blockchain is a technology, a platform where anything can be digitized and recorded, not just digital currencies like Bitcoin. That is, blockchain is a digital ledger.
On the other hand, Bitcoin is a digital currency that can be used to buy and sell anything. Bitcoin is a virtual currency, it has no existence in the real world. Bitcoin exists only online. Such currencies are called cryptocurrencies. Cryptocurrency networks are powered by blockchain technology.
What is ERC20?
In short, the ERC-20 defines a common list of rules for all Ethereum tokens to follow, meaning that this particular token empowers developers of all types to accurately predict how new tokens will function within the larger Ethereum system. The impact that ERC-20 therefore has on developers is massive, as projects do not need to be redone each time a new token is released. Rather, they are designed to be compatible with new tokens, provided those tokens adhere to the rules. Developers of new tokens have by-and-large observed the ERC-20 rules, meaning that most of the tokens released through Ethereum initial coin offerings are ERC-20 compliant.
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