NFTs are designed to give you something that can’t be copied: ownership (though a creator can still retain copyright).
Much like how physical art collecting is seen as a value-holding investment, now so are NFTs. However, instead of receiving an oil painting on canvas 🖼️ to hang on your wall, you get a JPG/MP3/GIF/etc file 🤷🏾♀️.
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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 “proof of work” to oversee transactions.
The system forces "miners" to solve complex puzzles for a reward.
The process is incredibly energy inefficient on purpose, making the "miners" use up inordinate amounts of electricity (that they have to pay, for making it less profitable for them to mess up).
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 (without any copyrights though).
So basically, you get bragging rights.
NFT stands for Non-fungible token.
Nyan Cat meme from 2011 sold for about US$590,000 in an online auction last Friday, February 19.
Fungible→ something replaceable/exchangeable.
Non-fungible→ something unique & irreplaceable.
The creator just gets a shit ton of money and still gets to enjoy copyrights of their work so..... Win-win situation 😉.
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 thing. A NFT is like:
You gave up a Squirtle, and got a 1909 T206 Honus Wagner, which StadiumTalk calls “the Mona Lisa of baseball cards.
Crypto art is a digital art form. It is treated like physical artwork collections, and owners may have verified ownership of a piece of crypto art. The art world has long had established systems for collection paintings or sculptures.
But until now, although it was produced, there was no clear way for people to collect digital artwork. Crypto art and NFTs allow you to do just that.
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