An NFT is a unit of data stored on a digital ledger, called a blockchain, which can be sold and traded.[5] The NFT can be associated with a particular digital or physical asset (such as a file or a physical object) and a license to use the asset for a specified purpose.[6] An NFT (and the associated license to use, copy or display the underlying asset) can be traded and sold on digital markets.[7]
NFTs function like cryptographic tokens, but, unlike cryptocurrencies such as Bitcoin or Ethereum, NFTs are not mutually interchangeable, hence not fungible. While all bitcoins are equal, each NFT may represent a different underlying asset and thus may have a different value.[8] NFTs are created when blockchains string records of cryptographic hash, a set of characters identifying a set of data, onto previous records therefore creating a chain of identifiable data blocks.[9] This cryptographic transaction process ensures the authentication of each digital file by providing a digital signature that is used to track NFT ownership.[9] However, data links that point to details like where the art is stored can die.[10]
So, I’ve read this before, and maybe I’m just daft, but is it possible to explain this in layman’s terms? I’m not someone who isn’t technically inclined, but I’ve never fully grasped the whole NFT thing. First thing that made me go “ugh” about it was a business article I read regarding a “pop vinyl” NFT, so I looked up what an NFT is, which made no sense to me. I don’t understand it at all? Thanks in advance.
There should only be 1 in existence, and you should have it in hand if paid in full.
You should be the ONLY person with the legal right to own/hold it, as you now do with said deed in hand.
Now you take said deed, add additional layers of security to it by locking it up in the bank vault. Think of the blockchain in this scenario as a bank vault during business hours. You know you cannot just go into the vault and take a single dollar, it's impossible. BUT, you can see the vault door is open and the public can see inside.
Once minted on the blockchain, it's locked in, and the data it holds cannot be changed/altered...forever. You can still go look at it, but you cannot alter it. Only the owner can transfer it because you hold the data needed to do so. Nobody can make a fake copy and try to scam you out of your money. Even if they made a replica, it does not match the original data minted in the beginning. This can easily be verified by looking at the initial minting.
There are other things here to consider, like metadata hash and such, but that gets a bit techy and i'm not the proper person to break that down thoroughly.
I hope this answered your question fren.
I have no problem answering questions if I have an answer to give. But it has to be done the proper way, you know, like a civilized human being does...as yourself of course :)
Ok, so I think I’m understanding better now. For Melania’s basically, you are purchasing a unique product which only you own with the proceeds going to a good cause? For the pop vinyl, you are purchasing a unique piece of garbage, but it’s unique nonetheless? I suppose the implications of NFT can be even larger, but I get the gist I think now, thanks fren :)
The only thing else you need to add to purchasing a unique product, is that in doing so, you are also getting a certificate of authenticity and proof of ownership at the same time. As long as you hold the key, so to speak, nobody can ever touch your product or claim it as their own.
Now you can also easily setup private chains to where your NFT is NOT publicly visible. Everything else is in play as we've mentioned above, but the key to this is you do not want anyone to go and look at your personal data on said deed on a public/visible chain.
Well maybe if you did your own research like a normal human, you'd gain a wrinkle or two on that smooth brain of yours.
You're part of our problems being so damn lazy but pedantic at the same time. Take that silver spoon outta your ass and find your own damn answers then.
Not everybody knows what to look for, or even what research to be headed for. I have no idea what any of this stuff is. Because you did the research, and posted it, now I know. I would be more appreciative, except for the fact that you’re just an asshole. Geez, you assume everybody knows what you know, and knows what to look for. Why can’t you just be a gracious person and say… No problem Fren - i’m grateful to be part of a team and helping out. The problem is you actually do you think you’re better than everybody else don’t you. This place is going downhill to just like PDW.
I'm the asshole whenever lordvon came in hot demanding answers...gets it, then bitches and demands more? Not happening. If I hurt some fee fees in the process than so be it, I don't care, toughen up buttercup.
Well someone asked me the proper way and got a better response. Learn to treat others with respect, instead of how you did...maybe you'll get what you were looking for.
A QUICK SEARCH WILL GIVE YOU ALL THE ANSWERS.
No need for the caps fren.
It's Non-Fungible Token. Here you can find what you seek: https://en.wikipedia.org/wiki/Non-fungible_token
Stop being lazy, that took me less than a minute.
So, I’ve read this before, and maybe I’m just daft, but is it possible to explain this in layman’s terms? I’m not someone who isn’t technically inclined, but I’ve never fully grasped the whole NFT thing. First thing that made me go “ugh” about it was a business article I read regarding a “pop vinyl” NFT, so I looked up what an NFT is, which made no sense to me. I don’t understand it at all? Thanks in advance.
Take your house deed/title for example.
There should only be 1 in existence, and you should have it in hand if paid in full. You should be the ONLY person with the legal right to own/hold it, as you now do with said deed in hand.
Now you take said deed, add additional layers of security to it by locking it up in the bank vault. Think of the blockchain in this scenario as a bank vault during business hours. You know you cannot just go into the vault and take a single dollar, it's impossible. BUT, you can see the vault door is open and the public can see inside.
Once minted on the blockchain, it's locked in, and the data it holds cannot be changed/altered...forever. You can still go look at it, but you cannot alter it. Only the owner can transfer it because you hold the data needed to do so. Nobody can make a fake copy and try to scam you out of your money. Even if they made a replica, it does not match the original data minted in the beginning. This can easily be verified by looking at the initial minting.
There are other things here to consider, like metadata hash and such, but that gets a bit techy and i'm not the proper person to break that down thoroughly.
I hope this answered your question fren.
I have no problem answering questions if I have an answer to give. But it has to be done the proper way, you know, like a civilized human being does...as yourself of course :)
Ok, so I think I’m understanding better now. For Melania’s basically, you are purchasing a unique product which only you own with the proceeds going to a good cause? For the pop vinyl, you are purchasing a unique piece of garbage, but it’s unique nonetheless? I suppose the implications of NFT can be even larger, but I get the gist I think now, thanks fren :)
The only thing else you need to add to purchasing a unique product, is that in doing so, you are also getting a certificate of authenticity and proof of ownership at the same time. As long as you hold the key, so to speak, nobody can ever touch your product or claim it as their own.
Now you can also easily setup private chains to where your NFT is NOT publicly visible. Everything else is in play as we've mentioned above, but the key to this is you do not want anyone to go and look at your personal data on said deed on a public/visible chain.
Well maybe if you did your own research like a normal human, you'd gain a wrinkle or two on that smooth brain of yours.
You're part of our problems being so damn lazy but pedantic at the same time. Take that silver spoon outta your ass and find your own damn answers then.
Not everybody knows what to look for, or even what research to be headed for. I have no idea what any of this stuff is. Because you did the research, and posted it, now I know. I would be more appreciative, except for the fact that you’re just an asshole. Geez, you assume everybody knows what you know, and knows what to look for. Why can’t you just be a gracious person and say… No problem Fren - i’m grateful to be part of a team and helping out. The problem is you actually do you think you’re better than everybody else don’t you. This place is going downhill to just like PDW.
I'm the asshole whenever lordvon came in hot demanding answers...gets it, then bitches and demands more? Not happening. If I hurt some fee fees in the process than so be it, I don't care, toughen up buttercup.
"There's just no pleasing some people," said Jesus to the Former Leper.
"IVE TRIED NOTHING AND AM OUT OF OPTIONS"
--lordvon, probably
Well someone asked me the proper way and got a better response. Learn to treat others with respect, instead of how you did...maybe you'll get what you were looking for.
Acktually, 14% of Americans hold crypto. Here's the link b/c I know researching is hard....
https://cryptopotato.com/bitcoin-most-popular-but-americans-hold-more-ethereum-and-bitcoin-cash-survey/