Learn everything you need to know about Non-Fungible Tokens (NFTs) with our easy to follow introduction guide and get started in the NFT space.
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0:00 Intro
0:21 What are NFTs
NFTs are a way to digitize assets into unique tradeable ownership tokens, making it much easier to buy and sell ownership of a digital asset.
NFT stands for Non-Fungible Token.
Fungible means that an asset can be traded without losing it’s value within it’s asset class. This also means that whatever fungible thing is being traded, cannot be unique.
Because uniqueness increases value.
Fungible examples are: Currency bills, books and casino chips.
Non-Fungible means that an asset is unique within it’s asset class and cannot be exchanged for the same thing, because it’s properties make it unique.
In other words, a digital asset that has been minted as a NFT, becomes unique.
2:27 How do NFTs gain value
Uniqueness creates value. Think of limited edition sneakers, an exclusive baseball card, or a one-of-a-kind painting.
These items, or assets, are more valuable than non-limited or ordinary assets.
A Non-Fungible Token makes a digital asset unique and stores it’s properties and true ownership data on a blockchain in the form of a token.
Blockchain is a digital record keeping technology. Think of it as a digital ledger. This digital ledger consists of records called blocks, which are used to store different types of data.
In the case of NFTs, the unique properties and ownership data of the digital asset.
3:23 Why are NFTs so popular
The reason NFTs are becoming increasingly popular is because all parties benefit from the process.
Worldwide reach, investment opportunities, easy of selling.
NFT marketplaces still serve as a middleman between buyers and sellers of NFTs, but anyone can tokenize a digital item and sell it, without a difficult or time consuming process.
This means that artists and sellers now have access to a global audience of interested buyers. This opens up new ways for sellers and artists to earn extra income or to gain extra exposure.
5:25 Blockchain and NFTs
A public blockchain is a digital ledger that stores data.
As new data comes in, by minting new assets, or selling NFTs, it is entered into a fresh block.
Once the block is filled with data it is chained onto the previous block, which makes the data linked together in chronological order.
Different types of data can be stored on the blockchain. For NFTs this is ownership data and the entire source code of the asset.
6:41 NFT uses and examples
NFTs have many uses . Let’s discuss the most popular ones:
collectibles, artwork, memes, music and tweets.
10:07 Pro's and cons
NFTs are a way to digitize assets into unique tradable ownership tokens, making it much easier to buy and sell ownership of a digital asset.
A digital asset can be anything such as music songs, artwork, items inside video games, captured moments in sport, fashion items, and scenes from a movie.
As long as it is digital, it can be made unique by a Non-Fungible Token.
Fungible means that an asset can be traded without losing it’s value within it’s asset class. This also means that whatever fungible thing is being traded, cannot be unique.
Because uniqueness increases value.
Non-Fungible means that an asset is unique within it’s asset class and cannot be exchanged for the same thing, because it’s properties make it unique.
In other words, a digital asset that has been minted as a NFT, becomes unique.
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