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Hoodrh

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"30 Short Articles to Understand NFT" 01- What is NFT?

NFTs are one of the foundations of web3, and this series will introduce NFT through 30 short articles, allowing everyone to understand and master the relevant knowledge about NFT from scratch.

Welcome to the first article, I'm glad you're here to read it.
Before we delve into more specific content, it is necessary to understand what NFT is.
Simply put, NFT is a type of digital asset. We are all familiar with assets in the physical world (such as clothes, cars, artworks, trading cards, and books), and NFTs are assets that people can own in the digital world.

Let's start by explaining the abbreviation of NFT:
Non: not
Fungible: interchangeable
Token: token

The word "fungible" is unfamiliar to most people, so let's clarify its meaning. If something is fungible, it means it can be replaced by another identical item. Physical currency and cryptocurrencies are good examples of fungible items. For example, the value of one US dollar is always equal to the value of another US dollar, and the value of one bitcoin is equal to the value of another bitcoin. If you give me a $10 bill and I give you another $10 bill, nothing really changes.

This means that "non-fungible" represents that each unit is unique and cannot be replaced by another unit. For example, if we each own a dog, we can exchange them, but they are not the same dog. Each dog is unique, and both of us may feel sad because we miss our own dog.

NFTs are the same. Let's look at the last word of this term - token. It is basically used to represent any cryptocurrency or digital asset. Therefore, we can say that NFT is a unique digital representation of an asset. If you want to know how these tokens are unique and identifiable, you can think of NFT as a digital passport, where each token contains a unique and non-transferable identity that distinguishes it from other tokens.

NFTs allow us to tokenize items such as artworks, collectibles, and even real estate. Each of them can only have one true owner at a time and is verified by the blockchain. This means that no one can change ownership records or copy and paste a new NFT. (If you want to know what NFT is, it is actually a public database that runs on multiple computers worldwide.)

Today we talked about what NFT is, and we will provide a more detailed introduction to blockchain and the use of NFT in the next article.

Additional resources:

  1. If you have two minutes, this video explains NFT well:
    https://www.youtube.com/watch?v=a8ww4aNlPQU

  2. If you have five minutes, here is an excellent Twitter thread that explains how to use appropriate metaphors to describe NFT:
    https://twitter.com/swombat/status/1548412342571917312

Rewritten by: Hoodrh
Original by: ZenAcademy

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