NFTs (non-fungible tokens) are cryptographic property on the blockchain that have specific identification codes and metadata that differentiate them from one another. They can't be traded or sold in the same way that cryptocurrencies can. This is in contrast to fungible tokens, such as bitcoins, which are all the same and can therefore be used as a medium of exchange.
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NFTs change the crypto world by making and token unique and irreplaceable, making it difficult to compare two non-fungible tokens. Since each token includes a special, non-transferable identity that distinguishes it from other tokens, they've been compared to digital passports. They're also expandable, so you can mix and match them. Punks with a blue backdrop are not for sale, and no bids are currently being accepted. The owner of the red-background punks is looking to sell them. Finally, punks with a purple backdrop are the subject of an active offering.
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Fungibility refers to an asset's capacity to be interchanged with other assets of the same type; it means that the assets are of similar value. If you own a fungible asset, you can easily swap it out for another of the same kind. The best example of fungible assets is (you guessed it) currency, which makes exchange and trade processes easier.
Business quality is perhaps the most apparent advantage of NFTs. Converting a physical asset to a digital asset streamlines procedures and eliminates middlemen. On a blockchain, NFTs reflect digital or physical artwork, removing the need for agents and allowing artists to interact directly with their audiences. They can also help businesses develop their processes.
CryptoPunks was one of the first non-fungible tokens (NFT) on the Ethereum blockchain, launching in June 2017. The project was created by Larva Labs, an American studio run by Matt Hall and John Watkinson, two Canadian software developers. The project was experimental, with influences from the London punk scene, the cyberpunk movement, and William Gibson's novel Neuromancer.
The NFT movement was inspired by the blockchain project for crypto art. The NFT's flagship project, Cryptopunks, is regarded as the movement's flagship project. Cryptopunks NFTs pop art, digital blue chip art investment, and digital Warhols are all things that many investors and collectors think.
There are only 10,000 CryptoPunks in the world, 6039 males and 3840 females, who have been made digitally scarce thanks to blockchain technology. No two characters are exactly alike since they were algorithmically generated using computer code, but certain characteristics are more rare than others. They were given away for free at first, and anyone with an Ethereum wallet could claim them. There will not be any.
How crypto art work
Crypto art grew in popularity quickly after the development of blockchain networks such as Bitcoin and Ethereum in the mid to late 2010s, owing in large part to the underlying technology's unprecedented ability to allow anyone to buy, sell, or collect purely digital artworks in a decentralized manner .
Crypto kitties, how it's work
CryptoKitties is an Ethereum-based blockchain game that allows players to buy, collect, breed, and sell virtual cats. It was created by Canadian studio Dapper Labs. It's one of the first attempts to use blockchain technology for leisure and recreation. The game's success clogged the Ethereum network in December 2017, leading it to hit an all-time high in transaction volume.
Professor, thanks for this wonderful lectures you have taken us through. Again I would like to thank all steem members for the spirit of oneness.