What are NFTs?🔥

Learn 'everything' about them!

Le Thread🧵👇🏽

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

🏞 Artworks are the most popular kind of NFTs

Non-fungible 🔐

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 🕵🏾‍♂️

NFTs may look like images you can just 'copy-and-paste', but they have unique metadata attached to them which looks like this 👇🏽

The images we see are just a representation of this metadata. So technically, this is all an NFT is 👇🏽👇🏽

So why are NFTs 'Expensive'🤔💭

- 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