| swarmee |
02-04-2022 01:30 PM |
Quote:
Originally Posted by philliesfan
(Post 2192303)
OK I hear things referred as NFT's. What the heck is an NFT?
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NFT stands for Non-Fungible Token. A token is some type of item, whether it be a file, picture, video clip, etc. Non-fungible because it has something unique about it that makes it not exactly like any other thing. And then it becomes an NFT when it is minted, essentially linked to a web address on a blockchain.
Cryptocurrency is not an NFT because any bitcoin is replaceable with any other bitcoin. They have the same value and there is nothing unique about them, because once they've been unlocked, there's no record kept with the bitcoin about which one it actually was that came out of the mining program.
Follows on the age-old comparison of "what makes anything worth anything?" What makes a 2.5x3.5 piece of cardboard worth 1 cent when it was made by Topps in 1988, and $2 million when it was made by ATC in 1909 with a specific player on it? Only that the people buying and selling them make those distinctions.
https://www.youtube.com/watch?v=mrNOYudaMAc |
