What are NFTs?π₯
Learn 'everything' about them!
Le Threadπ§΅ππ½
NFT is short for Non-Fungible Tokens
They may look like pictures, but there's a lot under the hood.
NFTs are:
- one-of-a-kind
- rare
- are non-fungible
- can be sold
Any digital item can be an NFT - audio, photo, video, etc
π Artworks are the most popular kind of NFTs
Non-fungible π
NFTs are termed non-fungible because they can't be traded for other NFTs
They're one-of-a-kind and each NFT holds a specific value.
An NFT can't be exchanged for another NFT cos NFTs have different values unlike money where 1$ is worth 1$, and 2$ worth 2$...
Under the hood π΅πΎββοΈ
NFTs may look like images you can just 'copy-and-paste', but they have unique metadata attached to them which looks like this ππ½
The images we see are just a representation of this metadata. So technically, this is all an NFT is ππ½ππ½
So why are NFTs 'Expensive'π€π
- they can be traded easily through NFT marketplaces
- they allow buyers to own the original item, acting as a collector's item
- they are rare, unique, and scarce since only one original version exists, thus, making them expensive
