NFT Explained In 5 Minutes | What Is NFT? – Non Fungible Token | NFT Crypto Explained | Simplilearn

This video on “What is NFT” covers all the important concepts of NFTs like What are NFTs?, What are Non-Fungible Tokens, how do NFTs work, how are NFTs different from other cryptocurrencies working in the same Blockchain Technology, how NFT became so popular and what future NFTs hold for the world’s economic system.

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00:00 What are NFTs?
01:39 How do NFTs work?
02:09 How are NFTs different from other cryptocurrencies like Ethereum and Bitcoin?
03:05 How did NFTs become so popular?
04:05 Future of NFTs

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#NFT #WhatIsNFT #NFTExplained #NFTCryptoExplained #NFTCryptoForBeginners #NonFungibleTokens #WhatAreNonFungibleTokens #NonFungibleTokensExplained #NonFungibleTokensExplainedSimply #NFTExplanation #Simplilearn

What is NFT? – Non-Fungible Token
NFTs turn your digital assets into “”one of a kind”” by creating a unique digital signature that defines the ownership of your assets and that can be bought and sold for real money, cryptocurrency or any other asset like a “”non-fungible token”” aka NFT.

NFT basically creates a blockchain-based digital certificate for your digital collectables, including games, music, art, and many more. This certificate gives your artwork a unique identity. The Underlying technology and the programming language used by NFTs are the same as other cryptocurrencies ie. Blockchain and the programming language Ethash or Scrypt. On the other hand, NFT is a unique token; therefore, if you try to trade it, you may end up with something completely different in your hands. Cryptopunks is a remarkable example of NFT, it enables you to buy, sell and store 10,000 collectables with the proof-of-ownership being stored on the Ethereum Blockchain.

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NFT has proved itself to be a boon in the lives of many others – like Jack Dorsey, the CEO and co-founder of Twitter with his very first and famous tweet, “just setting up my twitter,” and Vignesh Sundaresan, famously known as “Metakovan,” who bought 69.3 million dollars worth of NFT art on Beeple. Owing to its increasing popularity, people are now willing to pay hundreds of thousands of dollars for NFTs.

NFT has enhanced media exposure and special perks for aspiring artists on social media. This popularity of NFT creates new opportunities for new art platforms, motivating people to buy art from internet platforms and promoting copyright or originality of digital assets. Many experts in the crypto industry say that around 40% of new crypto users will use NFTs as their entry point. As a result of its growing popularity, NFT could represent a more significant part of the digital economy in the future.

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Los 5 Mejores Juegos NFT para Ganar Dinero😱*Juegos Blockchain*

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  • Don't forget to take the quiz at 03:47! 🔥Explore Our FREE Courses With Completion Certificate:

  • I don’t get it. How it protects right click and save as image?

  • Many people in the comments are missing the point. The actual content of the image/video can be replicated an infinite number of times but the ownership cannot.

    For example, if I take a picture of a dog and sell an NFT for it then regardless of who copies a picture of the dog and regardless of where it is used the "actual" owner of the original picture will be recorded on the blockchain via the NFT.

    Now whether someone would want to somehow try to prevent others from using their content is an entirely different beast.

  • How can we make such animated videos, anyone on this platform can help me or link to a source/tutorial ?

  • Exchangeability

  • Answer B) Unique Digital Signature

  • nfts are useless, rich ppl rly just throw cash mindlessly and call it an investment

  • yaah answer B thanks for the video

  • Right Man 👍🏻

  • So it’s just like owning something in real life, but it’s all on the computer….you just can’t touch it or hang it up….sounds pointless to me. I’ll stick to tangible things thank you.

  • B 100%!

  • The song explains NFT in an easy-to-understand manner.

  • Ok but if I sell a photo of an icon and someone else owns it, I will still have a photo of that icon so what’s the point

  • Thank you!

  • ethash and scrypt are algorithms. the programming language used is solidity.

  • D

  • Ans: B unique digital signature

  • obsessive compulsive art collectors are nuts

  • B

  • So nfts are basically irreplicable products,and may become the main method of buying and selling in the future
    What difficulties may be faced if the economy shifts from money to nfts?is fungibility to be avoided to used in moderation?

  • B.

  • Does the NFT stay with the artwork, or transfer to the buyer if the artwork is sold? & when you say it secures it so it cannot be duplicated, that doesn't refer to the person who purchases the artwork… Right?

  • So, basically, NFTs are trying to convice people that some bad digital art is worth milions of $.

  • Unique digital signature

  • "B." I have a question for you: So someone generates an NFTartwork. They sell it. Does the NFT stay at the ledger site and the owner has the freedom to do what they want with the purchased art? Like share it, reuse it in advertising, use it in a video? What I'm asking is: does the artist negotiate distribution or do they lose all their rights except to say they authored the piece?

  • b) unice digital signature

  • B. Thanks for the explanation

  • Thank you

  • Answer is B
    Unique digital signature

  • Mahaboob:
    Answer B: Unique Digital Signature!

  • unique digital signature

  • b) Unique digital signature

  • K? 🤔

  • Hello, I discovered a very unique and profitable way to make money via NFT, expert trader Douglas Horvath has been helpful to myself, colleagues and family… Trading has never been made easy

  • B. Unique Digital Signature.

  • Answer is B. Unique Digital Signature

  • B. Unique digital signature

  • B..its the digital signature that costs

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