NFT: Introduction
Non-Fungible Token (NFT)
A NFT is a digital asset that has its own unique characteristics. It can be used to represent anything from physical assets like artworks and collectibles to virtual assets like in-game items, skins and collectible cards.
History
NFTs have only recently started to gain traction as a way of representing real world objects. The idea of digital currency-based assets has existed since the dawn of the internet, but it wasn’t until 2014 that people began to take notice. In 2014, a new fintech company called Coin Lab launched a new kind of digital currency called NFTs—short for “non-fungible tokens.” These tokens were designed to be unique, meaning that they could not be replicated or counterfeited. Each one had its own unique blockchain address and encoded data which could not be copied or edited. The first NFT was a rare gold coin from the United Kingdom.
Types
They can be bought, sold and traded on cryptocurrency exchanges and platforms like Open Sea.
-Digital Collectibles – these are similar to digital artworks but they’re usually more limited in scope and require a large amount of work from their creators before they’re ready for sale (such as building a house).
-Crypto Collectibles – these are similar to crypto artworks but they’re usually more limited in scope and require a large amount of work from their creators before they’re ready for sale (such as building a house).
Use
NFTs are an exciting new way to invest in the future. They can be used for all kinds of cool stuff like:
-Personalized items.
-Collectibles.
-Memorabilia.
-Artwork/Photography/Photography Projections.
This is the brief Introduction of NFT.