People are spending millions on NFTs. What? Why? - Deepstash

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People are spending millions on NFTs. What? Why?

theverge.com

What is an NFT?

NFT stands for Non-fungible token.

  • cannot be exchanged/replicated/replaced because they are unique.
  • allows you to buy & sell ownership of unique digital assets.

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Fungibility (no it has nothing to do with fungi 🍄)

Fungible→ something replaceable/exchangeable.

  • Currencies & goods are fungible because they are interchangeable with items of the same value.
  • Ex: exchanging one 5$ bill with five 1$ bills because both have the ...

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How do NFTs work?

They use the same technology that most cryptocurrencies use.

Most NFTs are part of the Ethereum (a crypto...

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Buying NFTs

NFTs are designed to give you something that can’t be copied: ownership (though a creator can still retain

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What‘s the point?

Selling NFTs could be like selling a van Gogh painting, except instead of getting to appreciate a physical copy of something, you get a trading card.

People will still be able to access & distribute the asset that you bought but you own it (

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Selling NFTS

The creator just gets a shit ton of money and still gets to enjoy copyrights of their work so..... Win-win situation 😉.

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Are NFTs bad for the environment?

NFTs are at least partially responsible for the millions of tons of carbon dioxide emissions generated by the cryptocurrencies used to buy & sell them.

Cryptocurrencies are built on a system called

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