What is NFt’s ?
Metaverse concept.
The term “non-fungible token”, has been introduced by the founders of Ethereum and is a name given to those types of digital assets which do not have any meaningful economic value in their own right. In this case they are called non fungible tokens such as ERC20 which can be used for things like making art or buying an asset like stocks.
It would appear that most people have at least heard of some form of crypto before. This is true but let’s think about it more. If you get on to your phone, you probably already know about cryptocurrency being sold there from people who are looking to buy from you. But what if we wanted something that was more than just that? A cryptomarket token? A coin which had a financial value of its own? What would we need to give them back? Well… I’ll tell you why we need these kinds of goods. Because everyone needs stuff. It is human nature. We all want to have things. So why don’t we invent ways to make money out of everything? Money is not money until it reaches your hand. Let’s take the stock market of example, everyone wants a piece of that pie, so let’s make it and money is made when you have that pie. The same thing holds true where you want your favorite book or movie, now imagine someone saying to you,
It sounds great to have money in your pocket, but let’s say you didn’t have enough money to purchase that kind of stuff. Now you won’t necessarily get rich, you might get close…
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HOW ITS DIFFERENT FROM METAVERSE?
Projection on a woman’s face wearing futuristic glasses.
But how does one find that kind of stuff? You know what, there are books written about finding ways to make money out of anything and everything in the universe. There are movies that talk to you and you watch them and discover something. There are books that talk to you and you read them and you learn something. More often than not we discover something that makes us better people. They make us aware of other perspectives. Who we are isn’t the only thing that matters.
So you see, even though there are lots of resources out there telling you how to make money from everything, yet no one seems to tell us how to make money from our ideas. That is why it is important to start thinking of something like NFTs. Think of NFTs as the ones that are made up on top of blockchain technology. Everything that comes down in these forms of digital tokens is created on the network, or the distributed ledger system, and then it gets sent to the owners of the cryptocurrency which owns it. For instance, you start getting units of Etherium and then you have to keep exchanging it with other currencies, and then you get the new unit of Etherium again to then exchange unit after unit. By storing information on a blockchain network there are billions and billions of bytes that become known as data which is shared and then it gets exchanged. All this data is stored in ledgers and nodes. Then you can use tokens that are made up on the Ethereum network. With NFTs you can have all these sorts of forms of token, but NFTs are not really tokens, they have functions and data which is transferred on the global distribution network. They are just codes. And you have to send transactions through them. Like this is a website, or a bank account that is set up on top of the Ethereum network to give users the opportunity to put money into their wallet. In order to do this they start collecting fees for every transaction. These fees are paid after the platform creates a valid address that connects to the Bitcoin network which allows its holders to transfer funds. They can be held and used to receive value, they can be used to buy items on the internet, they can be used to pay rent or a mortgage, whatever you want to use them for. As long as you own the token you can hold onto it and the price keeps going up or down depending on which type of token you own.
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