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We are certain that you’ve come across the terms Bitcoin blockchain or cryptocurrency right? But have you heard about NFTs and if you have, do you know exactly what they are and how they work? In this episode, we give you the download on NFTs and how you can get started today.
NFT stands for a non-fungible token, the word fungible isn’t a particularly well-known one. It essentially means that something is interchangeable. So to give you an example, money is a fungible asset. Fungible assets also include things such as gold cryptocurrency and shares. But on the flip side, a non-fungible asset is a one-off. It can be a painting of a house or a piece of antique jewelry.
NFTs or non-fungible tokens are units of data stored on a blockchain digital ledger. Each non-fungible token is a kind of certificate of authenticity, showing that a digital asset is 100% unique and NFT can never be changed, thanks to blockchain technology. And when we talk about a digital asset, we mean things like documents, audio or visual content, images, and other similar digital data.
You might be stopping us here asking what’s blockchain again, to put it simply is a type of database but unlike regular databases, a blockchain is a series of data blocks that are linked together this chain of blocks creates a shared digital ledger that records the activity and information within the chain. This peer-to-peer ledger technology means that it’s nearly impossible to falsify or tamper with data within a block NFTs exist on a blockchain and can never be taken into separate blockchain ecosystems. This proves the authenticity of the good that you’ve purchased.
Well, like most collectibles, things, trading cards, art, or comic books, the value comes from the collectability of that asset as well as its potential future sale value. In fact, just this year in February, digital artists people sold the NFT for their every day the first 5000 days artwork for a whopping 69 point 3 million US dollars through Christie’s and you may have heard about Jack Dorsey, the founder of Twitter selling the NF T for his very first tweet for $2.9 million. Or even the Charlie Bit Me video of a baby biting his brother’s finger on YouTube. The NFT for the video is sold for around 500,000 pounds.
Well, if you are a digital or content creator, and let’s face it in today’s world, literally 99.999% of us are, then you have the ability to create NFT sphere work and potentially make some sweet coin. Here’s what you need to know to get started. You need a cryptocurrency wallet complete with cryptocurrency the most widely used one is currently ether from the Ethereum blockchain, you can create and sell your digital assets on an NFT marketplace. The Open Sea platform is a popular Etherium-based platform.
The cool thing about NFTs is that it gives creators ownership over their digital assets. Plus they can then profit from their work. And when the work goes viral. This could mean a significant income stream for the creator. And because non-fungible tokens are blockchain-based, they can never be altered or raised or replaced.
But as with any new technology, there are a few things to consider. The NFT market is highly speculative, are they a long-term investment, or just the hottest new trend. And just because you own the NFT doesn’t mean you control the asset, you simply have a token of authenticity.
Plus, there’s also the issue of environmental costs. The technology behind NFTs is essentially powered by the blockchain, and this uses gazillions of computing power. And then there’s a small matter of security, there have been a few incidences of security breaches where NFTs were stolen. While the NFT is watertight, sometimes the system they reside on or not.
All in all, it’s clear that NFTs are a major tech trend to keep your eyes on and it could also be a worthwhile source of income if you are a content creator, digital artist, or online influencer at GrowGetters, we are certainly going to check this out. And who knows, maybe we’ll set a record or two. Haha!
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