NFTs Explained: Infographic
While Bitcoin is regarded as a digital alternative for fiat money, non-fungible tokens (NFTs) are currently viewed as the digital equivalent of collectibles.
NFTs have risen from obscurity to become a cultural phenomenon. NFT’s popularity has spread like wildfire, from digital art to memes to play-to-earn games.
To put it another way, NFT is a method rather than a product. NFTing something is assigning it a unique serial number that is stored on a public blockchain. That is all there is to it. Apart from that, ‘NFT’ transmits no more information about the purpose or nature of the content-to-be-serialized.
NFTs aren’t a singular concept, which is why enthusiasts have a hard time explaining them. They’re a collection of related ideas. In the same way as “crypto asset” or “blockchain” are too conceptually diffused to be considered a single taxonomic entity, NFTs are a collection of ostensibly identical but functionally heterogeneous entities.
This infographic will help you understand the basic concepts surround NFTs and provides a foundation for more knowledge.
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