I’m been seeing lots of “nft this, nft that” all over the internet. What does it mean?
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I’m been seeing lots of “nft this, nft that” all over the internet. What does it mean?
It’s like crypto. Instead of buying a coin, you’re buying a unique piece of “art”. Like most crypto, it uses a lot of electricity, contributing to climate change. Like the high end art market, it’s an avenue for tax evasion, money laundering, etc. But since it’s crypto, tracing it is even harder, if not impossible.
An NFT is a Non-Fungible Token, it is a crypto asset but unlike the others, this particular crypto links it’s owner to some physical asset which can be anything. NFTs are also traded on blockchain just like the normal regular cryptocurrencies. What makes them different is that NFTs can be used to represent real-world items like artwork and real-estate.