'A Detailed Guide to What NFT Means' by Peace Akinwale nft nfteconomy
NFT stands for non-fungible token. This is a popular statement. What on earth does it mean?
All of that is to say that tokens are one-of-a-kind digital assets. If you're confused, here is an example of what fungible and non-fungible are: Non-Fungible: If you were looking for your wedding ring at an airport security checkpoint or some carousel, you may feel screwed if someone accidentally took possession of your ring .
But NFTs also have other benefits beyond just selling digital art. They provide a novel yet exciting way for celebrities to monetize their content and interact with fans on social media platforms such as Reddit and Instagram. We'll get to this later. Another question most people have is: Is this another cryptocurrency?
To give a real-life perspective, do you remember Martin Shkreli who increased the price of the antiparasitic drug, Daraprim, by 5,455% in 2015? He increased the price from US$13.50 to $750 per pill and it led to a lot of noise. Yeah, that guy. NFTs are created using a smart contract on the Ethereum blockchain. A smart contract is a computer program or transaction protocol intended to automatically facilitate, verify, or enforce the negotiation or performance of a contract. Companies can do it, a platform can fix it for you too.
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