Basics of NFTs

September 12, 2022

What are NFTs?

NFTs stand for Non-fungible Tokens. That certainly does not give out a lot. Non-Fungible means that it cannot be copied or duplicated. Every NFT has a very distinct identity/key associated with them, which makes them unique and non-duplicable. 

Won’t a screenshot cheat the technology?

Non-fungible tokens are digital assets that contain identifying information recorded in smart Contracts. Digital Assets could be any picture, video, GIF, as plain as a tweet. So even after taking a screenshot, you might be able to see the picture or video, yet you won't be the beneficiary of the value associated with that NFT. 

What are Smart Contracts?

Right now, when understanding what NFTs are, all you need to understand is that smart contracts are just digital agreements that run by themselves when predefined conditions are met. They check the real ownership behind a digital asset and backed by these smart contracts NFTs gain the value they have.

But Why NFTs? What’s the Benefit?

Now that we understand what NFTs are, let’s see why NFTs in the first place. Imagine yourself being a football lover. You adore that one shot Ronaldo took in that one match, that made him so special. Now imagine owning that video clip. 

All that the Internet meant and provided was abundance. Providing digital assets to the online audience for absolutely free. But that's where the real value of digital art, including videos, and photos, was getting faded. 

You can own digital assets in the form of NFTs without fearing them getting copied or duplicated. Digital assets that have value, and are the new wave in technology advancement. Plus there happen to be many other benefits too!!

It’s not just you, but companies and brands are too thinking of creating NFTs and selling them for a digital world, “the Metaverse”. NFTs that if you buy, you become a part of a special community that brands build, and NFTs that you can use in the digital world. 

Imagine buying a cool pair of Jordans, and getting an NFT of the same for your digital world too!!. That's cool, and from a future perspective, that’s a huge incentive itself. 

So? Interested in more insights into the metaverse? We got you covered!!