What are NFT’s?
Okay, so you’ve seen someone’s profile picture on twitter of a depressed looking ape cartoon and wondered why the hell it’s worth over £100’000?!
What are NFT’s? Let us explain, NFT stands for “Non-fungible token”. Something that’s non-fungible is one of a kind. So by the same standards something that is fungible is not one of a kind, e.g, a £20 bank note.
All £20 bank notes are all the same in every way, these are fungible items. They are all the same in size, colour, value, you would be able to exchange your £20 bank note with anybody for their £20 bank note and nobody would be able to know the difference.
“Life begins at the end of your comfort zone.” Neale Donald Walsch
Now let’s imagine your favourite celebrity was to sign their autograph on your £20 bank note. This immediately becomes “non-fungible”, now it is one of a kind, and completely distinguishable from all other £20 bank notes.
The second part is “token”, tokens are essentially digital assets that are stored securely on the blockchain.
They are programmable and can store data and grant access when being used.
There are many blockchains that support NFT’s like Ethereum, Cardano, Solana etc..
The future of NFTs.
The potential use cases for NFT’s are unimaginable right now as blockchain technology is being developed. But their limit is endless.
Many interesting use cases have already been shown to have extreme value to date.
It isn’t just profile picture flexing as was the initial hype, but communities are being created.
People are coming together to be part of something with each other, and all holders can take part in collaboration and direction.
Exclusive perks for holders, merchandise, give-aways and interactive games are being developed including Metaverse integration.
The best of NFT’s is most certainly yet to come, we’re excited to be early in this future technology. We want to bring as much helpful information and newsworthy articles about anything and everything in the space!
How to buy an NFT?
There are many marketplaces you can purchase NFT’s through, the most popular would be Opensea. This is the biggest Ethereum NFT Marketplace. Other marketplaces exist for other blockchains, for example, Solanart (Solana) CNFT (Cardano) etc.
Purchasing NFT’s require a web3 wallet extension or app. MetaMask can be used on Opensea through a browser extension or on mobile, iOS and Android.
You will need a cryptocurrency like ETH in your wallet to make the purchase on the market place which can be purchased through an exchange like Kraken.
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Twitter: nftcapitaluk
