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What Are They?
NFT stands for non-fungible token.
"Non-fungible" means it's unique and irreplaceable.
Popular tech website The Verge explains it well. Basically, it says, a Bitcoin would be "fungible" because if you traded one coin for another, you'd have the same thing.
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No Middle Man
Think about your life at home. You probably use a bank. That bank is basically the middle man between you and whoever you're sending money to.
A blockchain cuts out the bank. The blocks form a transparent, digital ledger that everybody can see. Built In , an online tech community, compared a blockchain to a Google Doc. Everybody can view it at the same time, and you can tell if it gets edited.
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What Are The Possibilities?
For instance, let's talk about real estate. Houses aren't digital. They're physical. But, could a real estate transaction happen in NFT form? Experts say...yes.
Million Acres explains it happened like this: First, an LLC was created for the property. Second, a non-fungible token was set aside. Then, legal paperwork was developed that said whoever bought the non-fungible token, or NFT, had the rights to the LLC. The NFT was then auctioned, giving the winner the rights to the LLC, which ultimately meant the winner owned the property itself.
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IDEAS CURATED BY
Love learning new ideas that help me grow mentally. Boy mom and spoiled wife. Living our best life.
CURATOR'S NOTE
When I retire will this be how financing property will be done? Part B of retirement? Financing property with my crypto?
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Jenn Molina's ideas are part of this journey:
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The impact of opportunity cost on personal and professional life
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