Diving into the world of NFTs
Pretty sure you've heard the term NFT pop up more than a few times as you scroll through your screens. You can hear both praise and hate for the term. Some saying it is the technology of the future while others say its just a jpeg that you can screenshot anyway. Anyway its grabbed my attention and now I'm going to research on it till I get bored of it. I hope the information provided here will be useful and if you would like to post any questions or
NFTs are a term that has been blowing up in my face for a few months now. I recently held a poll on my Instagram stories to see if it was something my circle would be interested in learning about.
I had a series of questions. Even amongst those who voted "no" for turning their artwork into NFTs, the most common reason was a lack of information. So I thought I'd make a series of blog posts documenting my understanding of NFTs as I continue to research on them
This post will briefly define some important terms related to NFTs which need to be understood to explain how NFTs are made, bought and sold.
What is an NFT?
NFT stands for " Non - Fungible Token " . To explain it briefly, an NFT is a unique digital entity which points to a specific asset. That asset can be any digital file like a .jpeg or .mp3 or .3ds.
Connecting it to something in the real world, think of it like the deed to a house. The deed points to a house at a specific address. The deed is the token and the house is the asset. And like how you go to a government organization to register your property to a deed, your art (which is the asset) is linked to a deed when it is added or "minted" onto the blockchain
The blockchain is a digital database which records information in a digital format. In the ecosystem of cryptocurrency, the blockchain maintains a record of every transaction that happens on that platform. It is a decentralized system and what that means is it is not controlled by a single authority. The blockchain is kept running by the systems or "nodes" which all have a copy of the ledger and each copy is updated whenever a transaction occurs. This is also what makes the blockchain very difficult to hack, as just changing the values in one system will not allow a transaction to go through, the value will have to be changed on every single system
In future posts I hope to dive into more detail about the process of making an NFT
so stay tuned!