What is NFT?

COINMONSTER

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4 min readApr 2, 2022

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NFT is not only trending right now, but it is also at its summit.

Aren’t you curious as to why not only big companies, but also artists these days are going into the NFT business? I mean, what the hell is NFT anyways?

That’s why I prepared this. Today, we will take time to find out what NFT is.

Then, let’s start!

Definition of NFT

NFT is a Non-Fungible Token, or irreplaceable currency.

As you can see in our previous coin-related posts, cryptocurrency can be exchanged for cash or other coins of the same amount (like real currency), but NFT literally cannot be exchanged or traded with other NFTs.

In short, it means virtual assets that cannot replace tokens in the blockchain with other tokens. If that happens, you don’t have to worry about moving to another place, so the ownership of the asset will be clear, right?

So, NFT tokenizes digital assets in various fields, including games and artworks that require creation, and even real estate these days.

Is NFT safe? Trustworthy?

I think stability is what many people are worried about.

In the digital world, even if it’s a creation that I made, it can be someone else’s creation in no time without a source or logo.

However, NFT will never do that!

Of course I can’t guarantee that it can prevent 100% duplication, but all NFT content contains unique recognition values and ownership information. And because the information is recorded on the blockchain, it can never be reproduced, and even if it is, it is not difficult to find the original owner.

But I can’t say it’s safe in terms of price, haha.

Reason and prospect for popularity

Then, isn’t NFT only convenient and good for artistic people?

The answer is no.

The reason why NFT is popular not only with artists, but also with the public is because of its scarcity. As I said earlier, unique recognition values and ownership are the biggest reasons why buyers are attracted.

Whether it’s famous or not, it’s worth the scarcity in itself that I bought someone’s ONE AND ONLY work or something they own.

So, not only celebrities, but also ordinary people can become sellers.

However, while fame is one of the things you can’t ignore, it’s not necessarily right that buyers follow fame, because many NFT sellers are trying various things with content.

The most important thing about NFT is value.

It’s important how valuable the content I created is and how much the public wants to buy it.

Today, we talked about NFT, which is a hot topic these days. What did you think?
If you’re more curious about NFT as well as coins, FinTech, etc., please feel free to come to our community below for any relevant information:)
Twitter: https://twitter.com/el_coinmonster
See you in the next episode! :)

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What is NFT?

Definition of NFT

Is NFT safe? Trustworthy?

Reason and prospect for popularity

Also, Read

Written by COINMONSTER