NFTs PART 1

If you had President’s Day off I hope you did something fun with it along with your weekend! What is life if we’re not using it to help others, create impact, and have fun?😊

This week we’re diving into NFT’s and I’m telling you in advance that you can understand it! You may not wake up tomorrow morning understanding everything about it, and you may have to read the information over and over until it sinks in, but I’m telling you that you can understand it.

Your beautifully created brain stands ready and able to assimilate the information you’ll be reading this week, putting it into its proper place, and feeding you bite-sized bits and pieces as necessary. God knows your learning style is different from mine, and so He created your brain in the way that it needed to be. YOU CAN UNDERSTAND THIS!

NFT stands for non-fungible token. Non-fungible, in a nutshell, means that it is unique and cannot be replaced with something else. Therefore, a non-fungible token (NFT) is a digital asset that cannot be replaced with another digital asset, nor can it be replicated. Non-fungible tokens are like cryptocurrencies but they are not currencies, even though they are on the blockchain. So far, I’ve heard of NFTs in music, games, and art. Pieces of NFT art have been sold for thousands and even millions of dollars. NFT art has even been sold at Christie’s, one of the world’s most renowned art auction houses.

Jack Dorsey, the former Twitter CEO, turned his first-ever tweet – the first tweet on that platform, into an NFT, and sold it for $2.9 million dollars! Since NFTs represent digital assets, it could be a bit challenging to wrap the mind around how it works and what owning one means. When you buy a piece of NFT art you’re really buying the certificate of ownership of the artwork.

The certificate contains elements to verify the authenticity of ownership. Everyone will know that this is your work! The elements are found in an identification code, and this is what makes an NFT non-fungible. An important piece of the behind-the-scenes working of NFTs is to understand that an NFT can only have one owner, and the proof of ownership is actually built into the NFT and is quite easy to verify.

Yep, I know that’s a lot to swallow so far, but there’s more... and we’ll continue tomorrow, diving deeper into it. Allow your mind to absorb the words, don’t try to understand it all right now. Just get accustomed to the language of it all and hopefully by the end of this week you’ll know more than you ever did about NFTs, and will be able to understand how it works and how you can be a part of it. Until then, peace out!🙏🏾✌🏾

Copyright ©2022 Sherma Jacqueline Felix, BLACK ADVANTAGE Publishing™ . The author shall neither be liable nor responsible for any loss or damage allegedly arising from any information or suggestion in this post.