The Next big thing
Tags: Nft, Information Technology, Cryptocurrency, Cryptocurrency News, Nft Collectibles

Cryptocurrency’s have been quietly making millionaires across the internet for decade. Everyone knows the story of bitcoin and how a small number of true believers went from owning a pocket full of useless digital coins. To holding a pock full of digital coins worth millions.

There have been hundreds, if not thousands of crypto success stories since then. Litecoin, Ethereum, chain-link. Lend. Uniswap .

But what is the one thing all these projects had in common?

The majority of the population had no idea what these things were until the boat had sailed on buying them cheap and we were watching those early adopters said off into the sunset on their platinum plated boats (god I hope they sink)

Luckily I think ive gotten in early with projects that all share 3 magical letters.

N, F, and T.

What are NFT’s?

So What does NFT stand I hear you ask eagerly? Well it stands for Non-Fungible Token. No i didnt sneeze i said fungible. Its an actual word and suprisingly it has noting to do with fungi. But let me break it down and explain what it all means

What does fungible mean?

The dictionary definition of Fungible is:

being something (such as money or a commodity) of such a nature that one part or quantity may be replaced by another equal part or quantity in paying a debt or settling an account

What this essentially boils down to is that there is a group of things that are identical and can be interchanged freely. Money is the best example to explain this because one 2 euro coin has the same value as any other 2 euro coin.

In this context what’s important about fundability is that if i have a digital picture and copy it. Then picture and the copy become fungible because they can be interchanged freely as they are exact replicas of each other.

So what’s the difference between Fungible and Non Fungible?

Non fungible means that 2 things are not identical and cannot be interchanged freely. Now to a certain extent noting that truly exists in the world can be freely interchanged it depends on our definitions but lets not get too metaphysical here.

The best example to describe this is comic books. If I have a first edition Amazing Spider-Man from1963 (I wish) and you have a reprint that marvel has just re released. Are they the same? Of course not. They might contain the same information. Be printed on the same type of paper or use the same ink but there are two distinct entities. one is a copy of the other and no matter how close it comes it can never physically be the same. This is the difference between things in the physical and digital worlds but heres where the last word comes in.

What’s a Token

If you’ve heard of any of the projects above then you’ve heard of a token. A bitcoin is a token. An Ethereum is a token. They are all entity’s that sit on a publicly audited digital blockchain. Ill explain What a block chain is in a future post.

So lets put all these together

An NFT is a digital token which is audited on a blockchain and is unique and distinct from other tokens.

How is this achieved?

Honestly i don’t understand the nitty gritty but essentially the information inside the token is encrypted in such a manner that you can see what information is there but you cant recreate it. Combined with blockchain technology. This creates digital ownership because an item is individual and the blockchain network all agree that that individual item is yours.

Any why is this such a big deal?

Well look at it this way years ago you’d go out and buy a vinyl record and listen to it and then when times were tough you could sell it so you could eat. These days you buy a song from ITunes but if you try and sharer or sell it then you’re told that its piracy and illegal.

if you have a digital Vinyl record then the Record is yours and you can do whatever you want with it. Now lets take that same premise and apply it to digital merchandise. That cosmetic item you bought on fortnite what if that was yours for life and you could sell it when you stopped playing? See where I’m going with this?

NFT’s are the next bitcoin gravy train. Get in and buy them while they are buttons because in yours to come they might pay for your whole wardrobe