NFT: Non-Fungible Token

NFT's: Non Fungible Tokens

This is an editorial edutainment post.

So let's talk about ##NFT 's! ##NonFungibleTokens ##Crypto ##CryptoTalk ##Bitcoin ##ethereum

♬ original sound - Markizano Draconus

So let's talk about NFT's, or, Non Fungible Tokens!

NFT's, or Non-Fungible Tokens are certified unique items! There will only ever be 1!

NFT's are mostly applied to Art. So imagine having the Mona Lisa. You got it from the original artist and you hold one of the few originals created in the world. I can take a picture of it all day long and print that picture, but it's not the original artwork! An NFT is a representation of the original work and can be verified on the blockchain.

Ownership of an NFT can be single or many. However, it's not like cutting off pieces of the Mona Lisa. Instead, it's more like a company: Where you have stakeholders in the company and multiple owners of the same entity.

That is a common way to explain an NFT, but it's by no means the only way to apply it.

Anytime you need to sign, certify or agree to something? That can be an NFT!

Now, this might be years in front of us with policy and what have you, but, putting all that aside for a moment, your vote can be an NFT. There will only ever be one and its identity is linked to you.

Now, imagine being able to design your home: The floor plan and where everything is laid out. Now, imagine being able to have that 3D printed... Once printed, you can take the design and layout and create an NFT out of it. Want to sell your home? Transfer ownership of the NFT to the next party. Taking on a roommate? Simply dilute ownership so you both have a name on the deed. Ready to move out? Simply sell the diluted ownership to the party taking over the house.

I know NFT's have mostly been applied to Art. However, that's not the limit and there's so much more to be had with NFT's, it's unfathomable!

No comments:

Post a Comment