What are NFTs? Simply Explained | Non-Fungible Token | Edureka

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In this Edureka video, we'll dive into the fascinating world of NFTs, or non-fungible tokens. By the end of this video, you'll have a clear understanding of what NFTs are, how they work, and why they are causing such a stir in the world of digital ownership. So sit back, relax, and let's explore the exciting world of non-fungible tokens together!
What are NFTs?
What is NFT and how it works?
How did NFTs become so popular?
How are NFTs different from other cryptocurrencies like Ethereum and Bitcoin?
Future of NFTs

🔷 What is NFT? - Non-Fungible Token
NFTs transform your digital assets into unique, one-of-a-kind items by creating a distinct digital signature that establishes ownership of your assets. These digital certificates can be bought and sold for real money, cryptocurrency, or other assets, such as non-fungible tokens. NFTs are primarily used to create a blockchain-based digital certificate for various digital collectibles, such as art, music, and games. This digital certificate provides your artwork with a unique identity. NFTs employ the same underlying technology and programming languages as other cryptocurrencies, using blockchain and Ethash or Scrypt. However, since NFTs are one-of-a-kind tokens, trading them can result in a completely different item. Cryptopunks is a well-known example of an NFT that allows the buying, selling, and storage of 10,000 collectibles, with ownership proof stored on the Ethereum Blockchain.

NFTs have proven to be highly beneficial to many individuals, such as Jack Dorsey, Twitter's CEO and co-founder, who sold his very first tweet, "just setting up my twitter," as an NFT, and Vignesh Sundaresan, known as "Metakovan," who spent $69.3 million on an NFT art piece by Beeple. The increasing popularity of NFTs has led to people paying hundreds of thousands of dollars for them.

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