What are NFTs? - Complete NFT Guide for Beginners ๐ฅ
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00:00 - Introduction
00:44 - What are Non-fungibile Items?
03:14 - Problem of Digital Ownership & Blockchain as Solution
05:19 - What are NFTs? (Non-Fungible-Token)
05:54 - Types of Crypto tokens on the Ethereum Blockchain
06:45 - Use Cases of NFTs
13:48 - Features of NFTs
14:18 - Limitations of NFTs
15:13 - Conclusion
#NFT #NonFungibleToken #NFTGuide
Crypto NFT Art started mooning by the end of 2020 and still doesnโt show any signs of stopping. The sector has minted a stream of new millionaires and billionaires last year.
If you also scratch your head when you hear a piece of digital land or art being sold for millions of dollars. Then this is the right video for you as we will discuss what NFTs are and why they are so valuable in the digital world.
๐ฅ What are Non-Fungible Items?
โFungibility is the ability of a good to be interchanged with other goods of the same typeโ.
When the value of an item is superior to the specifics of the item, it is a fungible item. For example, currency notes, gold bars, etc.
Therefore, based on fungibility, any product can be categorised into 3 parts:
- Fungible Items
- Semi-Fungible Items
- Non-Fungible Items
By default, anything is rarely fungible. Most things are non-fungible with a degree of fungibility attached to it. Even a currency note with your lucky serial number is non-fungible.
If an item is truly scarce and unique, it would be a Non-Fungible Item.
๐ฅ Problem of Digital Ownership and Blockchain as Solution
Blockchain technology solves a crucial problem through which individuals can exchange value over a computer network. The exchange can be monitored, verified, and enforced, all without the need for a centralized governance institution.
Every time a digital product is embedded in a blockchain ledger, a crypto token is issued to represent its access and ownership rights. Further, this token is programmable and contains details of the artist who has created this digital product.
Itโs called Non-Fungible Token. NFT
๐ฅ What is a Non-Fungible-Token?
A Non-Fungible Token (NFT) is a Certificate of Authenticity and a Proof of Ownership of a Digital or Physical Non-Fungible Asset.
AN NFT is created or minted on a blockchain and represents ownership rights of a Non-Fungible Item. Whoever owns the token has rights to the respective Non-Fungible Item. This ownership can be transferred by buying or selling NFTs in open marketplaces.
First ever NFTs were created on the Ethereum Blockchain that pioneered and standardised the ownership of digital assets through these tokens.
๐ฅ Currently, there 3 types of crypto tokens on the Ethereum Blockchain:
- ERC 20 Tokens
- ERC 721 Tokens
- ERC 1155 Tokens
๐ฅ Use Cases of NFTs
1. Digital Art
2. Digital Land
3. In-game items
4. Music NFTs
5. Domain Names
Other than this there are an infinite number of use cases that are being developed every day.
๐ฅ Features of NFTs
- Non-Fungible
- Transferrable
- Programmable
๐ฅ Limitations of NFTs
- Copyright Infringement
- Originality of NF Item
- Liquidity
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The content published on CoinSutra Channel is for informational, educational, and recreational purposes only and should not be considered to be legal, tax, accounting, or any other professional advice. I'm not a professional financial adviser and you should always do your own research. I may hold the cryptocurrencies talked about in the video.