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NFT

Non Fungible Token

To understand NFTs, it is necessary to understand the basics of how blockchains work.
There are 3 parts of a block on the blockchain.

previous block hash value
information of the block
hash value of (1) and (2)

Hash is a computer-generated string of code.
simplified example:

data hash
kitty_tappancs 4973BVV
kittytappancs 95GH48C

As you can see in the example above, a “_” difference completely changes the hash value. If that alone is not enough, the blockchain is a distributed database, which is why every client that connects as a validation resource gets the database. Each client validates all new blocks, so fraud is impossible (unless you own more than 50% of the authentication servers).

if there is a change in the block information or the previous hash value, the whole hash value would change
Each NFT resides on such a blockchain, so it can be uniquely identified.

The data usually includes the subject of the NFT, the author and the transactions with it.

An NFT can be, for example, a digital work of art. It can be thought of as a painting. A painting is a physical object, so by looking at the brush strokes, signature, etc. it can be determined whether it is original or fake, it can be copied in the same way as a Bored Ape NFT can be downloaded and set as a profile picture, but it is impossible to fake it because the blockchain has all the information about it and a unique token is „made out of” it.

However, the NFT technology is not just for digital drawings…
We can use the technology for, tickets, as there can be 1 or even 50 000 tokens associated with an NFT, all of which are official (this has to be specified by the author at the time of creation [minting]). In this way you can replace any collectible thing with it, be it a good old stamp or sports cards for example. NFTs are all unique, each one within a series has unique characteristics and these characteristics add value and make an image very special. Among other things, they could also be used to prove identity.

The driving force behind NFT at the moment is the desire to own. You buy the CryptoPunks image or images you like because you want to say you own it. It’s the same with a physical work of art, but with NFTs you don’t need a warehouse to store your collection of hundreds of pieces.

It should be added that we can guarantee the authenticity of NFTs by eliminating the decentralization which is the main positive of blockchain.

The above does not constitute financial advice. Read the whitepaper, review the roadmap, open Blockchain Explorer and use your own judgement when investing.

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