What are NFTs, huh?

Hey there, tech and crypto-lovers!

Welcome to the world of NFTs, where everything is not as it seems. What is NFT? Well, NFT stands for non-fungible token, and it’s the hottest trend in the world of digital art, music, and collectibles. Okay, that doesn’t make it that clear.

Well, it’s a type of digital asset that is unique and can’t be replaced with another. For example, a 10 Rupee note has the same value as any other 10 Rupee note. But imagine you have a 10 Rupee note signed by your favourite sportsperson! You’ll see that the value of the note will no longer be just 10 Rupees for a sports enthusiast. It might mean something so much bigger than the actual value of the note. At the same time, my niece, who doesn’t even watch sports, might not think it’s a big deal. What I am trying to say is that each NFT is a unique item.

Now, NFTs can be pretty much anything: a song, a book, an artwork, a meme, or a video. Let’s say you own an NFT of a digital painting, you can prove that you own it, and no one else can copy or duplicate it. This makes it valuable and solves the problem of establishing ownership on the internet. NFTs allow you to buy and sell any digital content in a secure and decentralized way. In other words, you don’t have to worry about someone stealing your art or music because it’s all securely stored on the blockchain. I’ll come to blockchain in a moment. Let me first answer one of the most frequently asked questions by some of my friends who are unfamiliar with this space which is what if I just right-click and save an NFT?

“But what if I just right-click and save an NFT?”

Nothing stops you from right-clicking and saving a cool NFT. This is something you can do whenever you want. Likewise, you can print a picture of Monalisa and hang it on your wall. However, you cannot simply print the story around the original Monalisa. Can you? And you can’t possibly print the billion dollars that the original Monalisa is worth. The NFT’s value and authenticity are connected to its existence on the blockchain, which is impossible to copy or transfer. Plus the original owner of the NFT is the only one with the right to manage and control it.

I have mentioned Blockchain too many times now but what it is?

NFTs are a revolutionary way of granting ownership of a particular item to a particular person. They live on the blockchain, a distributed network of computers that stores and records transactions using cryptography. This makes it nearly impossible for data to be corrupted or tampered with since it is auditable by anyone independently from having the permission of any centralized organization, and therefore free from censorship. By leveraging the blockchain, NFTs offer a secure and transparent way of verifying and recording transactions.

While there is so much more to this space, I hope the information I shared has been helpful in understanding the basics of this exciting new technology.

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