An NFT (non-fungible token) is a unique digital item stored on a blockchain. NFTs can represent almost anything, and serve as a digital record of ownership.
It is a digital asset that can come in the form of art, music, in-game items, videos, and more. They are bought and sold online, frequently and they are generally encoded with the same underlying software as many cryptos. Although they've been around since 2014, NFTs are gaining notoriety now because they are becoming an increasingly popular way to buy and sell digital artwork. The market for NFTs was worth a staggering $41 billion in 2021 alone, an amount that is approaching the total value of the entire global fine art market (Forbes, 2023).
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Forbes: What is an NFT? Non Fungible Tokens Explained https://www.forbes.com/advisor/investing/cryptocurrency/nft-non-fungible-token/
The Street - What Does Fungible Mean? Definition, Explanation & Examples https://www.thestreet.com/dictionary/fungible-fungibility
The Verge https://www.theverge.com/2021/3/15/22328203/nft-cryptoart-ethereum-blockchain-climate-change
Cornelius, Kristin. "Betraying blockchain: accountability, transparency and document standards for non-fungible tokens (nfts)." Information 12.9 (2021): 358. https://www.mdpi.com/2078-2489/12/9/358
Popescu, Andrei-Dragos. "Non-fungible tokens (nft)–innovation beyond the craze." 5th International Conference on Innovation in Business, Economics and Marketing Research. Vol. 32. 2021. http://bit.ly/48hvSWT
Truby, J., Brown, R. D., Dahdal, A., & Ibrahim, I. (2022). Blockchain, climate damage, and death: Policy interventions to reduce the carbon emissions, mortality, and net-zero implications of non-fungible tokens and bitcoin. Energy Research & Social Science, 88. https://doi.org/10.1016/j.erss.2022.102499
What about Ownership of these online images/ art
OWNERSHIP OF NFT? You get a line of text. Only one who owns it but you do not get royalties for it. Who would pay real money for a line of text? No different from paying for an ebook to have a long line of text delivered to you.
MetaMask MetaMask is a software cryptocurrency wallet used to interact with the Ethereum blockchain. It allows users to access their Ethereum wallet through a browser extension or mobile app, which can then be used to interact with decentralized applications
WalletConnect
Phantom
Bitkeep
Kaikas
Core
Glow
Fortmatic
Bitski
Solflare
OperaTouch
Trust
Bitcoin (BTC) is the first decentralized cryptocurrency. was created to be a new kind of digital currency that could be sent directly from one person to another without the help of intermediaries like banks. It was the first cryptocurrency and first application of blockchain technology.
Blockchain: is a distributed ledger with growing lists of records ( blocks) that are securely linked together via cryptographic hashes.
Centralized exchanges (CEXs) are custodial platforms that allow users to exchange their crypto assets and NFTs safely. These exchanges are secure but take custody of a user's private key.
Cryptocurrency or "crypto": is designed to work as a medium of exchange through a computer network that is not reliant on any central authority, such as a government or bank, to uphold or maintain it (Wikipedia, 2024). This the opposite of fiat currencies.
Crypto Gas - Like a transaction fee, when you list your NFT on the blockchain. You need to pay gas so your NFT can be listed on the blockchain. Can be $50-300. Then you can list as many NFTs as you want. On programs like OpenSea you can set royalties to get money back when someone sells the NFTs.
ETC: Ethereum is a decentralized open-source blockchain system that features its own cryptocurrency, Ether.
Fiat currency is a government-issued currency that is not backed by a commodity such as gold. Fiat money gives central banks greater control over the economy because they can control how much money is printed. Most modern paper currencies, such as the U.S. dollar, are fiat currencies.
Fungability: Fungibility is the ability of a good or asset to be interchanged with other individual goods or assets of the same type. Fungible assets simplify the exchange and trade processes because fungibility implies equal value between the assets (Investopedia, 2023).
Minting “Minting” an NFT is the process of writing a digital item to the blockchain. This establishes its immutable record of authenticity and ownership.
Tether: (USDT) Is a cryptocurrency stablecoin, launched by the company Tether Limited Inc. in 2014. Tether is a blockchain-enabled platform that facilitates the use of fiat currencies in a digital manner. Tether tokens are digital tokens backed by Tether's reserves and pegged to real-world currencies.
Web3: Web3 has become a catch-all term for the vision of a new, better internet. At its core, Web3 uses blockchains, cryptocurrencies, and NFTs to give power back to the users in the form of ownership. On Web3, your data lives on the blockchain. When you decide to leave a platform, you can take your reputation with you, plugging it into another interface that more clearly aligns with your values