Non-fungible tokens (NFTs) are unique and irreplaceable tokens that are not fungible, meaning they can be traded for any other type of token. Here’s what an NFT is, and why it’s unique and unique in the blockchain world.
Ether is the second-highest market cap cryptocurrency
It is based on a blockchain called Ethereum
- A blockchain stores digital information in groups called blocks. When one block gets too full, it gets closed off and linked up to the block in front of it to form a chain.
An NFT in Florida
A property in Gulfport, Florida, is being put up for auction with an NFT party
- The buyer will be buying an LLC, and thus own the home
- If successful, it will be the first known successful NFT auction of a house in the US
A blockchain cuts out the bank
Blocks form a transparent, digital ledger that everybody can see
- Ethereum is special because in addition to handling cryptocurrency, it’s the most well-known blockchain that also lets people create and exchange non-fungible tokens or NFTs
- Can be almost anything, as long as it is digital, and can be handled through a blockchain
Bottom Line
Thanks to a blockchain keeping everything transparent, I can buy an NFT and know I’m getting the real deal of whatever digital item I wanted
- This technology has some fairly unique applications
- For instance, in real estate, houses aren’t digital, they’re physical
- Could a real estate transaction happen in NFT form?
