Not a daytime goes by without me seeingposts about NFTs on social media. TikTok, Instagram, Youtube andprobably soon on LinkedIn. Maybe it’s because of how I usethese programmes, but digital artwork has become an integral part of my cell phone. In my clique of friends, there is still a need for explanationand that’s why I foresaw I’d make a short video and explain to you as quickly andbriefly as possible what an NFT is.Let’s start. NFT stands for non-fungible token which can betranslated in German as non-exchangeable token. Fungible intends something can be exchangedor supplanted and still retain the same value. For pattern, this is money or gold, butalso Bitcoin and Ethereum. If I give you a $100 bill andlater you give me back two 50 s, that’s fine with me. It’s the same value, although it’s no longer thesame proposal. So , non-fungible is something thatcannot be replaced. That necessitates it has unique belongings. Patterns of this are works of art, ticketswith e.g. specific bench counts. In the digital macrocosm, the prime example isdomains, i.e. web addresses. NFTs usethe blockchain to maintain uniqueness. So the same technology on which cryptocurrenciessuch as Bitcoins are based.The special thing about the blockchain is that, unlike usual on the Internet, data is not stored under a central locating, but on innumerable computers at the same time. This originates data relating to the blockchain particularlyforgery-proof. In the future, NFTs could becomemore and more popular with art, gaming and collectors alike, causing entirely new revenue streams forinvestors and inventors. Albeit very risky. In the video description you will find alink to my NFT Collection of Money Talk collectible posters. If you are interested in a unique case from thecollection then tweet me or email me andI’ll be happy to send you a free imitation. Please leave a positive review andthank you for your time. Until next time, here at Money Talk ..
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