NFTs, explained: what they are, and why they’re suddenly worth millions - The Verge - Deepstash

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NFTs, explained: what they are, and why they’re suddenly worth millions - The Verge

theverge.com

What the heck is an NFT?

Non-fungible token.

That doesn’t make it any clearer.

“Non-fungible” more or less means that it’s unique and can’t be replaced with something else. For example, a bitcoin is fungible — trade one for another bitcoin, and you’ll have exactly the same t...

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How do they work?

At a very high level, most NFTs are part of the Ethereum blockchain. Ethereum is a cryptocurrency, like bitcoin or dogecoin, but its blockchain also supports these NFTs, which store extra information that makes them work differently from, say, an...

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So, what's being sold as an NFT?

NFTs can really be anything digital (such as drawings, music, your brain downloaded and turned into an AI), but a lot of the current excitement is around using the tech to sell digital art.

Dogecoin isn’t an NFT. But this ...

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What about piracy?

You can copy a digital file as many times as you want, including the art that’s included with an NFT.

But NFTs are designed to give you something that can’t be copied: ownership of the work (though the artist can still retain the copyright and reproduction rights, just like...

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Can I buy this article as an NFT?

No, but technically anything digital could be sold as an NFT. deadmau5 has sold digital animated stickers. William Shatner has sold Shatner-themed trading cards (one of which was apparently an X-...

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