WHAT IS NFT?
NFT stands for “Non-Fungible Token” or “Non-Replaceable Asset”. However, just the interpretation of the name cannot tell us much about what NFT is. This time, Alan SEO Company will tell you the meaning of An abstract NFT with examples of both NFT and NFT applications.
FUNDAMENTALS OF NFTS
An NFT is a type of “Cryptocurrency” used to represent the “ownership” of a particular digital asset, with each “Token” being different. The value is not the same and other NFTs cannot be substituted for each other.
Compare to make it easy to understand. Let’s compare that NFT is a computer. When we let other users borrow that computer, they must bring the original computer. Can only be returned, can not bring another device to return instead, even if it is the same model, same year, there are still differences within the device The placement of the files is not the same, the value is not the same anyway.
compared to Other cryptocurrencies that can be substituted (Fungible Token) like Bitcoin. If Bitcoin has already been borrowed, when wanting to return, it can return other Bitcoins because every token. have the same no difference
As the possession of NFT is a manifestation of ownership. That property therefore cannot be divided. Can be traded in fractional units like other cryptocurrencies because assuming that NFT tokens represent one image, trading only half the image or just a part. would not be able to do
HOW ARE NFTS CURRENTLY BEING USED?
Nowadays, NFT is often used with rare items and is the most popular in the ” art circle “, for example, when an artist draws or creates a work, he can bring the work out as an NFT to sell to interested people.
Or in the industry, streamers and Youtubers also use NFT to participate. A specific group of fans only, which may be made out. There is a limited number, for example, limited to only 100 NFTs, for anyone who wants to access their favorite Youtuber . more than ever It is necessary to find/buy that NFT to occupy in order to join that group.
however Due to the limitations of NFT, NFT is currently only used to assert ownership of “digital” property. It has not been found much use of NFT on real-world objects.
HOW RELIABLE ARE NFTS?
In case we want to buy land What will indicate and confirm that we are the owners of that land is the “land deed” that we can return after the purchase, which can be verified. whether it is real or not by checking with the Department of Lands if it’s real And for NFT, the token is the title deed used to verify ownership. Which can be verified in the Blockchain system that takes care of every Cryptocurrency system for transparency. in various transactions and changes to that information almost impossible
THE FUTURE OF NFTS
As NFT is designed for a specific group of people, especially people who see the value of Digital assets, therefore, to become popular and widely accepted. Until it can be used with other assets in a wide area Therefore, it is still difficult to use. In addition, the use of NFT has to be cautious as well, because to “show ownership” of the NFT, the holder must ensure that How much rights do you have in that property, such as NFTs that represent certain artworks? It may allow the holder to use the image for commercial purposes, such as screening a shirt for sale, while some NFTs may not allow such use. commercially available such right will remain with the producer as before The same applies to buying items that can be used. but cannot be reproduced.
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