WHAT IS NFT CRYPTO [Explained Simply for Beginners]
What is NFT CRYPTO for you? Another madness or the best investment?
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What is NFT? Something simple if you learn the right way! We are going to launch a complete course about NFT (hopefully by the end of June 2021) on our website: https://eaforexacademy.com/courses/cryptocurrency-manual-trading/
So what is NFT? NFTs are non-fungible tokens that represent a digital piece of art – it could be just a jpeg, a short gif or a video, any digital piece of art. It could be an NBA top shot, for example, LeBron James highlight was sold for $200,000.
At the time of recording this video, the record is $69 million dollars for Beeple’s college, called Everyday: The first 5000 Days. Isn’t that incredible? And this was a unique token or non-fungible token.
For example, if I buy one Bitcoin and sell it and I buy another one, no matter at what price, I will still have one Bitcoin. Because it is a fungible token. While the NFTs are non-fungible tokens, it means that each one is unique and can’t be replicated.
The ownership and the transactions are recorded on the blockchain and it is impossible to create a second NFT that is 100% the same as the original one. It could be similar, so similar that we cannot even notice the difference, but it can’t be the same.
What is NFT CRYPTO for you? I would be happy to see your comments below!
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