What is NFT (non-fungible tokens)? Do you know about people buying digit...


Do you keep hearing about people buying digital cats, NBA moments and virtual artwork of Donald Trump, but have no idea where they’re getting these NFTs from? Don’t worry, we’ve got you covered. NFTs are non-fungible tokens. They are unique items that you can't replace with something else. For example, a one-of-a-kind trading card is an NFT – you can't just replace it with any other card. If you trade your card for some other card, you have something different. These differ from fungible items, which are often the same as each other. If you trade one bitcoin for another, you end up in the same position as where you started, for instance. On the other hand, if you swap a near-worthless mass-produced late 80s baseball card for a 1909 American Tobacco Company T206 Honus Wagner card (valued at over $1 million), you've done very well for yourself. Nowadays, most NFTs tend to be digital. This makes it particularly easy for creators to give their supporters something rare and unique. Some NFTs, for example, are digital artworks, and people are now collecting these digital artworks, just like collectors have collected physical paintings for years. And some of these NFTs have gone for extraordinary prices. One NFT artwork by a digital artist called Beeple sold for $69 million at Christie's. A more down-to-earth version of a modern digital NFT is CryptoKitties. They are an Ethereum blockchain game where users can buy, sell and breed digital "cats." Every "cat" is unique (just like your real-life pet). In some ways, NFTs are similar to Bitcoins and other cryptocurrencies, except, of course, they are non-fungible and non-divisible. The first NFTs were part of the Ethereum blockchain, which stores extra electronic information to distinguish their uniqueness. Other blockchains now also facilitate NTFs. Because of the differing blockchain technology behind particular NFTs, not all NFT marketplaces buy and sell all types of NFT. Creators will often select an NFT marketplace based on whether that marketplace supports a specific NFC token standard. Ethereum has released two standards now: ERC-721 and ERC-1155. Competitor, Binance, has since released standards BEP-721 and BEP-1155. The two "1155" standards differ from the original "721" standards because they allow multiple NFTs to be bunched and transacted together. Most NFT platforms require buyers to have a digital wallet and use cryptocurrencies to pay for their purchases. Top 10 NFT marketplace: 1. OpenSea 2. Rarible 3. SuperRare 4. Foundation 5. AtomicMarket 6. Myth Market 7. BakerySwap 8. KnownOrigin 9. Enjin Marketplace 10. Portion #NFT, #non-fungible tokens, #buying, #digital, #virtual, #artwork, #frugal, #Binance, #Bitcoin, #opensea, #mintable

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