What is an NFT (Non-Fungible Token)? | NFT 101 Video Series 

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What is an NFT (Non-Fungible Token)? | NFT 101 Video Series

What is an NFT (Non-Fungible Token)? | NFT 101 Video Series

Hello Folks !!I am starting a series of videos about NFT.These days it is a serious & hot topic and i want that we should not leave behind on this.In this series i will try to keep the videos short but full of information.And i will use one topic for one video.So let’s start our first video today of this series without wasting any more time.In this video, we will understand ‘What is NFT?’ Very first thing to know.But before we start, just a request, please like this video and if you are not a subscriber of my channel please subscribe & hit the bell icon as well.NFT also known as ‘Non-Fungible Token’, is a unique and individual token created on blockchainto represent the value, ownership & characteristics of any digital item.For example, if you remember some games on blockchain.As a player you can create your own weapons and design your characterswhich will be unique to you only but will be stored on blockchain.As i said it will be unique to you, it means that you will have its complete ownership & defined usage like for which purpose they are created.And as i said, it could be any digital item like music, video, art ,3d art, any pdf, or any other type of document etc.To represent its ownership you just need a token which should not be fungible and attach it to your digital work.Let’s take one more example on this !!Like i have a bitcoin as it is fungible i can exchange it with another bitcoin because i won’t lose anything as they have equal value.But let’s say, i have a song as NFT and you have a gaming character as NFT.Can we exchange them?No !!We cannot exchange them because they are not equal and this makes them non-fungible.But here is one catch and don’t get confused on this right now because i will cover this in next videos.If two creators or users are mutually agreed, they can interchange their NFTs like a barter system but we will cover this later.Basically non-fungible tokens are used to create verifiable digital scarcity.NFT has become more popular in blockchain games.Where NFT is used to represent game assets which are in control of the user instead of the game developers.And the best part is if game is shut down it doesn’t mean you lost your NFT because it is stored on blockchainand can be used on other gaming platforms which is built on same blockchain.’Crypto Kitties’ was very popular game and collectibles platform built on Ethereum blockchain where NFTs got so much popular.And best use case of NFT is for artists. They can create their artwork and make them as NFT on blockchainand then they can make them available for selling globally on decentralized marketplaces.Art lovers buying these NFTs at very high value and this is the reason that NFT is in so much hype.I hope you understand NFT now but how these NFTs get their value?I am going to cover this topic in my next NFT video.Please stay tuned on my channel.I hope you like this video, if you have not subscribed my channel yet please do soand if you have any feedback to share or any query to askplease mention them in comment section below.Have a nice time !!

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