What is NFT?
As the word is self-describable, N stands for non, F stands for fungible, and T stands for a token that is NFT.
Firstly, we have to understand the meaning of fungible is something (such as money or a commodity) of such a nature that another equal part.
The quantity could also replace one part or portion in paying a debt or settling an account Oil, wheat, and lumber are fungible commodities and goods.
Nowadays, the NFT term is bombing all around in social media, television, and everyone is gossiping about it.
If we speak about NFT, it is described as a non-fungible token (NFT) that could be a unique and non-interchangeable unit of knowledge stored on a digital ledger (blockchain).
NFTs can be associated with easily-reproducible items such as photos, videos, audio, and other types of digital files as unique items (analogous to a certificate of authenticity) and use blockchain technology to give the NFT a public proof of ownership.
The people love NFTs because there is a wider variety of NFT present in the market, which will soon become rare and sell at a much higher rate than the current rates and give the profit to the NFT holder.
Now the NFT is made with Ethereum as the blockchain. Now the question is here what is the blockchain.
What is blockchain technology?
If we describe it in laymen’s language,n it is the system that comprises a large number of blocks connected by a digital chain and is a decentralized network.
It means there is no regulatory body or government to regulate them; the people hold it, and it is made for the people.
VeeFriends a New Concept by Gary Vee
Here is the man who comes with the idea of creating tokens with a hierarchy system described in his word. If you have to categorize a type of NFT, you can easily do this based on the method of scale, which is live the standard token is at the bottom, rare tokens in the middle, and legendary tokens are at the peak of hierarchy.
And if you buy the standard token with the help of ETH wallet and store it for some time in the hope that they are going to boom the world of NFTs like the rainbow cat, which we call as Nyan cat NFT which is sold about $ 410,000.”
Gary vee created his site called vee friend, which sold NFT toke to motivate and self-designed animals with some deep meanings, and everyone got crazy about it that now everyone.
Is it trying to make its own token without knowing how it works and how its demand increased among people?
Why do people spend their money on NFT?
The only reason behind it is that they want to earn a profit from it. As we look at the bigger picture, everyone is buying NFT because of the hope that their rate will increase in the upcoming future and then they will sell it and earn a greater chunk of profit.
Read More : The Complete Beginner’s Guide to NFTs
