Decoding NFTs buzz!
Created Oct 20, 2021 – Last Updated Apr 19, 2021
The explosion of blockchain news in the NFT ecosystem is definitely making you think, “Um… what’s going on here?” That’s the feeling I’ve experienced while reading about Grimes getting millions of dollars for NFTs or about Nyan Cat being sold as one.
#WHAT IS AN NFT? WHAT DOES NFT STAND FOR?
That doesn’t make it any clearer.
Right, sorry. “Non-fungible” basically means that it’s unique and can’t be replaced with something else. For example, a stock is fungible — trade one for another stock, and you’ll have the same thing. A one-of-a-kind trading card, however, is non-fungible. If you traded it for a different card, you’d have something completely different. Remember pokemon cards? You never get Pikachu back!
How do NFTs work?
To use technical terms, most NFTs are part of the Ethereum blockchain. Ethereum is a cryptocurrency, like bitcoin or dogecoin, but its blockchain also supports these NFTs, which store extra information that makes them work differently from, say, an ETH coin. Nowadays NFTs can be on th polygon network as well. They are better ad trending right now because of the huge gas fees at the Ethereum networks usually in 100s of dollars. It is worth noting that other blockchains can implement their versions of NFTs as well.
Could I pull off a museum heist to steal NFTs?
That depends. Part of the allure of blockchain is that it stores a record of each time a transaction takes place, making it harder to steal and flip than, say, a painting hanging in a museum. That said, cryptocurrencies have been stolen before, so it really would depend on how the NFT is being stored and how much work a potential victim would be willing to put in to get their stuff back.
Do I own any NFTs?
Yes, I minted 10 NFTs this month and they are up for sale. The one above is my latest one based on halloween and the cunning cat.
If you wish to support me or just have some fun owning them, visit Opensea. Every NFT you purchase from me, helps me fund an NGO. Ashray Akruti is a non-Profit Organisation that is working for People with disabilities in Education, Health, and Skill Development for 25 years. So go buy some tokens you still are confused about. You never know, you might make some green out of them.