How Do NFTs Work? - Deepstash
How Do NFTs Work?

How Do NFTs Work?

Non-fungible tokens can be created on contract-enabled blockchains with non-fungible token tools and support. Ethereum was the first to be widely used, NEO, EOS, etc now also have NFT standards.

Non-fungible tokens and their smart contracts allow for detailed information to be added, like the identity of the owner, etc. The potential of non-fungible tokens is to provide proof of digital ownership of an asset in the digital world making the easy flow of buy and sell on non-fungible items.

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adityamulukuri

19 | Generalist, Content Creator, Student at Christ University. Stashing about entrepreneurship, self-help, spirituality and the most interesting stuff I read.

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What is an NFT?

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.

Non-fungible token (NFT)

Non-fungible token (NFT)

  • In economics, a fungible asset is like money - it is something with units that can be interchanged. With money, a $10 can be exchanged for two $5, and it still has the same value.
  • If something is non-fungible, it has unique properties and cannot be i...

How NFTs work

How NFTs work

Traditional art is valuable because they are unique. But digital files can be duplicated.

With NFTs, artwork can be "tokenised" - a digital certificate of ownership that can be bought and sold. A record of who owns what is stored on a shared ledger known as...

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