The Corporate Web

What Are NFTs? Vulnerable or Safe

What Are NFTs?

An NFT is any digital asset that represents ownership of virtual items and is ‘minted’ or created on the blockchain. Celebrities and tech evangelists have jumped on the cryptocurrency bandwagon to promote NFTs.

What are NFTs?

“For example, in the real world, if you buy the Mona Lisa, your friend can make a copy of it. But there’s an art expert who can come check if it’s the original.

In the digital world, if you make a copy of an image, no one knows who owns the original. Now that’s possible thanks to blockchain technology [and NFTs]”

NFTs convert digital works of art and other valuables into one-of-a-kind, verifiable assets which are simple to trade on the blockchain.

Related Post: What Is An NFT? Non-Fungible Tokens Explained

Although this may be difficult to grasp for beginners, the payback has been enormous for many artists, singers, influencers, and others. Investors have paid top prices for NFT variants of digital images.

Are NFTs And Cryptocurrencies the same thing?

NFTs are not similar to cryptocurrencies such as bitcoin and Ethereum, which can be exchanged or replaced (fungible) with other similar currencies of the same value (just how a dollar bill works). On the other hand, NFTs are unique and not interchangeable, so they are different.

NFTs are mainly used for buying, investing, and trading a wide range of digital products such as virtual cards. Images of objects, avatar skins, virtual real estate, and in-game assets.

Recent Post: Is Crypto Banning In India?

Conclusion: An NFT is any digital asset that represents ownership of virtual items and is ‘minted’ or created on the blockchain.

NFTs are not similar to cryptocurrencies such as bitcoin and Ethereum, which can be exchanged or replaced (fungible) with other similar currencies of the same value (just how a dollar bill works).

SUBSCRIBE TO OUR NEWSLETTER

​GET A FREE EBOOK ON “ARTIFICIAL INTELLIGENCE IN DIGITAL MARKETING​”

0 0 votes
Article Rating
Subscribe
Notify of
guest
2 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

SORT BY

INR -
Artificial Intelligence In Digital Marketing
Artificial Intelligence In Digital Marketing

"Artificial Intelligence In Digital Marketing"