The meaning of NFT (Non fungible tokens)
“What is NFT?” Yesterday I had an exciting first: my grandmother asked me about cryptocurrency for the first time. Well I might jump the gun there a bit, blockchain to be exact. She loves art and has been an art collector since 1968. You can understand my surprise, when I know she has already trouble sending an email, and crypto is still an emerging market mostly for geeks, or so I thought.
What is NFT?
She didn’t ask me about Bitcoin, XRP or even DOGE for that matter, and wasn’t really interested in making a lot of money. No she was particularly interested in NFT or non fungible tokens and insisted I shared my knowledge with her. Only then did it hit me, if my grandmother is asking me about NFT’s in art, crypto and blockchain is entering into mainstream territory outside of Bitcoin.
I decided to spend some time researching NFT’s online and NFT News, and have summarized my findings below. My grandmother was able to understand the meaning of NFT’s with this information, you should be fine. If you are in a hurry, this is a summarized version of my findings about non fungible tokens
Non-fungible-tokens have been a trending topic for some time. While tokens on a blockchain such as Ethereum have been around longer (ERC20), the exact implementation of NFT tokens make them unique. NFT tokens can not be sent or received similar to cryptocurrencies, there is a single unique token that can not be interchanged since there is only one. This makes the asset non fungible, it is also a token, this makes the full name a non fungible token or NFT.
NFT explained for beginners
NFT’s can be created by anyone, and the basic concept of what an nft is can be simplified. NFT’s are digital assets that are stored, and tracked on a NFT blockchain. An example of a blockchain that enables users to create tokens is Ethereum (ETH), users can create tokens that are unique and can be tracked on Ethereum’s blockchain. Non fungible tokens can be created on NFT platforms such as Binance.
NFT and Art
As my grandmother nodded showing that she had understood my explanation, it finally became clear why she had been so interested in NFT’s. A good friend of hers sold her physical painting as an NFT, and she was wondering if her collection could somehow be turned into an NFT as well. What a great connection, art and non-fungible-tokens, both are unique and art needs a transparent way to track artwork. NFT’s also prevent counterfeiting which is a serious problem in art.
How to make an NFT
NFT’s can transform audio (music, quotes, sound effects), video’s (music video’s, movies, video clips) and images (photo’s, digital art, logo’s) in a digital asset. How to make an NFT is easy, there are platforms such as Binance where you can create an NFT. After making an NFT, users can store non fungible tokens on a digital or hardware wallet.
FYD and FYDwiki
I learned about NFT on FYDwiki a free platform for newcomers into cryptocurrency and NFT tokens. FYD is a group of crypto enthusiasts and freelancers working together to create a decentralized platform for freelancers to connect with clients without needing a third party such as Upwork and Fiverr. Digital assets are the future, and creating these digital assets can be done with the help of FYD.
My grandmother sent me an email (had some help from my grandfather) that she just created her very first NFT. I have never been into art, and my grandmother has never been into cryptocurrencies or Bitcoin. Its great to find a common ground in our interest through crypto.
If you are looking to learn more about NFT, or got interested in FYD or FYDcoin you can go to to the FYD Website.