Eps 1330: NFTs
— The too lazy to register an account podcast
| Host image: | StyleGAN neural net |
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| Content creation: | GPT-3.5, |
Host
Franklin Steward
Podcast Content
An NFT is a token that allows us to represent ownership of a unique item. An NFT can be used to represent ownership of unique assets, deeds or objects, both digital and physical. When an artist sells an NFT to represent a work, he retains the copyright to that work and may create other NFT works.
Each NFT has at a time only one official owner and because they are secured by the Ethereum blockchain, no one can change ownership by copying and pasting a new NFT.
A non-fungible token is a data unit in a digital register called the blockchain, where it represents a unique digital element that is not interchangeable. An NFT is a digital asset that represents a real object such as art, music, games, objects or videos. It can also display digital files such as art, audio, video or other forms of creative work.
Non-fungible tokens are cryptographic assets on a blockchain that contain unique identification codes and metadata that differentiate them from each other. NFTs can be bought and sold like any cryptocurrency, and they are encrypted in the same underlying software as many cryptocurrencies. What is different from fungible tokens is that some cryptocurrencies are identical and can be used as a medium for commercial transactions.
What you need to know about non-fungible tokens An NFT is a unique cryptographic token that exists on a blockchain and cannot be replicated. It uses blockchain technology, which underpins cryptocurrencies such as Bitcoin, to certify ownership of files. NFTs are minted the same as cryptocurrencies and can be used on any of the many online platforms to add them to tamper-proof blockchain ledgers that cost tens or hundreds of dollars to sell.
NFTs are like other physical collectibles, such as an oil painting or a canvas that you hang on the wall, or you get a JPG file. But unlike digital files such as art, audio, video or other forms of creative work, NFTs can be tracked by their underlying blockchain because of their reproducibility and provide proof of ownership to the buyer. Their unique data make it easy to verify their property and transfer tokens to the owner.
Like Bitcoin and Dogecoin, the Ethereum blockchain supports NFTs that store additional information that makes them work like ETH coins. An NFT is part of the Ethereum network, but it is an individual token that stores additional information.
It is also worth noting that other blockchains implement their own versions of NFTs. I don't think it stays that way, but you don't have to, definitely. If an NFT is digital, such as a drawing or music that your brain can download and turn into an AI, there is a lot of excitement about using this technology to sell digital art.
Lately there has been a lot of discussion around NFT about the development of art collecting and digital art. You can copy digital files as often as you like and include art, and that's what NFT is all about.
If you are interested in NFTs, they give you an opportunity to sell works that would not otherwise have a large market. They have given digital art new meaning and the prices I have seen in the sale suggest that they are a real part of the future of art and collectibles in general. Not only are they here to stay, but they are also becoming a new toy for the rich, and you can make real money if you can make it happen.
Digital art publishes columns about sports and highlights viral photos and memes, and when NFTs take the form of any type of online content, their popularity soars.
NFTs change the crypto paradigm by making tokens unique and irreplaceable, making it impossible for one non-fungible token to equal to another. NFTs are also expandable, i.e. You can combine one NFT to breed a third unique NFT. An NFT is a digital representation of an asset that can be compared to a digital passport where each token contains a unique, non-transferable identity that separates it from other tokens.
CryptoKitties, a digital trading game on the Ethereum cryptocurrency platform, was one of the original NFTs that enabled people to buy and sell virtual cats that are unique and stored on a blockchain.
A non-fungible token is a piece of digital content connected to the blockchain, the digital database that gives rise to cryptocurrencies such as Bitcoin and Ethereum. In an NFT, an asset is fungible, which means it can be replaced and exchanged for an identical value as a dollar bill. Because they have value, NFTs can be bought and sold like any other type of art or physical art, with value determined by market demand.
When Christie's auction house sold the first NFT-like artwork last week -- a collage of images by the digital artist Beeple -- for a whopping $69.3 million, NFTs caught the world's attention. Like art, music, tacos and toilet paper, non-fungible tokens were sold for millions of dollars back in the 17th century.
If you decide to create your own, make sure you use this brilliant software for digital art. An NFT is essentially a collectable digital asset that has value in the form of a cryptocurrency.