What is NFT_ - Non Fungible Token 

 we're going to talk about What is   NFT? - Non Fungible Token. A non-fungible token, also called a nft,  is a type of digital token or asset.   People often compare them to digital  trading cards or digital paintings.   When you buy a nft, you are basically  just buying the rights to that asset.   "Non-fungible" means that it can't be changed  every time it is made. It can't be broken up,   and it can't look like anything else, such as a  bitcoin.One bitcoin is the same as any other one.   So, how about NFTs? They are always different.  They're never the same. as well as a sign. It's   a small bit of information that you own. A token  that doesn't change over time is called an NFT.  What is a nft, if you want to get down to the  details? Well, NFTs are just a piece of data that   belongs to an address. Whoever knows the password  to that address owns that piece of data. This   piece of data can be bought and sold to different  addresses. The data is verified on a blockchain,   so you can check the owner's history. With a  nft, this can always be tracked. For example,   this cryptokitty that sold for $600,000 is just  a small URL that belongs to an address.That   individual merely has a little bit of data in  their possession. It is theoretically possible   for whoever controls the server where the picture  is typically hosted by that piece of data to alter   the image. When purchasing a nft, it's critical  to understand exactly what you're getting.   You are purchasing a piece of information  pointing to a server hosting an image or a gif.   You should be aware that the picture or gif might  change, as well as the server. On the blockchain,   you truly possess a particular bit of data—not  access to the server, not a picture or a gif,   but rather a little piece of data  that links to the server. So in a way,   purchasing a nft is similar to purchasing a stock  in that you are purchasing a little chunk of data   that symbolizes something greater. Unless it is a  dividend stock, you are not purchasing the whole   firm and you are not receiving any dividends. 

What makes you want to purchase an NFT? 

There   are several factors, but for the time being, the  primary one driving the majority of purchases   is that NFTs are seen as collectors by investors.  Let's discuss the four primary reasons why an NFT   is important. First off, the first NFTs of  certain founders or firms will also be valuable,   much as bitcoin is so well-known since it was  the first cryptocurrency. For instance, Pokemon   trading cards are becoming more popular, and the  first edition cards command the highest prices.   Let's imagine you own the first US bill;  it probably has some perceived value.   The second factor that adds value to an  NFT is its usefulness, or, in other words,   the advantages it offers in the current world.  Consider Elvis Presley selling 50 million albums   if he were still alive today. Any of the programs  he appeared in might be yours to watch forever   if you owned one of them. Due to their practical  advantages, these NFTs would soon gain popularity   and become quite costly. Personally, I would  only purchase an NFT if it offered a practical   advantage. I believe that practically all NFTs  will develop this kind of feature in the future.   Creators will make money by selling NFTs  in exchange for a membership community,   a weekly lunch gathering, or something similar. Consider the Mona Lisa as an example of an   NFT that is valued due to its rarity or  uniqueness. Everyone may have a replica   of the Mona Lisa in their home, but only  one person, or in this instance, a museum,   is able to display the original Leonardo da  Vinci artwork for public viewing. The same holds   true for a baseball that was autographed by Babe  Ruth or the original United States constitution.   They are unusual. Even if they are only images of  the cosmos, others may already have that image but   not the original created by Stephen Hawking.  Imagine if he only produced three new ones;   they would be incredibly expensive since there  are only three originals.

The ownership history

 The ownership history,   I discovered, is what gives an NF value. What  is your favorite celebrity, for instance? Let's   assume Robert Downey Jr., a particular favorite of  mine, chooses to sell his leather jacket and get   a new one. Accordingly, he may have paid $200 for  that leather jacket when he initially acquired it,   but now I may spend $800 just to get Robert  Downey Jr.'s same garment. The same is true   with NFTs. The photograph of the duck that Barack  Obama once owned may fetch a million dollars from   a collector. You should consider what an NF  genuinely contributes to society by keeping   these in mind. When figuring out how much an  NFT is worth, you should think about whether   it is the first of its kind, has a practical  use, is rare, and is owned by a famous person.  For example, does paying $2.5 million for Jack  Dorsey's first tweet fit into any of these? Let's   go from top to bottom. Is it the first time?  Yes, it is the first non-profit organization   in that category. Does it help in any way? No,  you can't change the tweet or use it to promote   your business or something similar. The third is  a one-of-a-kind. Lastly, who has owned it in the   past? Actually, this is a no. Yes, this is Jack  Dorsey's first tweet, but no famous person has   owned this NFT yet, so it doesn't fit into this  category. For example, if it was my tweet and   then Pewdiepie bought it, the answer would be yes.  But in this case, it only checks two of the boxes,   so if you buy his first tweet, you're basically  betting that someone else will want to buy   it in the future for a higher price, since holding  that NFT does you no good. There's no point to it.   You're buying it as a fun thing to do or to make  money. If Jack Dorsey told the person who owns   that NFT that he'll have lunch with them once  a month, the value would go through the roof.  If you like this video, don't forget  to like and subscribe to the channel  The following are the top 11 most valued nfts.  This might become a bit rambly, so skip ahead if   you don't want to listen to them. Following that  is crypto punk 6965, which sold for 800 ethereum.   The next crypto punk 4156 sold for 650 ethereum  on February 18th, 2021. Third, on January 24th,   2021, crypto punk 2890 sold for 605 ethereum.  Then there's the well-known dragon cryptokitty,   which sold for 600 ethereum. 6487, a crypto  punk, sold for 550 Ethereum. Following that,   we have some land in the decentraland globe,  around 12 600 square meters. It went for   514 ether. Following that is hash mask 9939,  which sells for 420 ether. The f1 delta,   a highly fascinating automobile idea, was  really sold for 415 ether. On February 19th,   2021, another crypto punk sold for 400  ethereum, a genuine parcel of land in the   central land world sold for 345 ethereum, and  the legendary Nian Cat sold for 300 ethereum.  If someone can replicate your NFT, it is a crucial  question to ask regarding NFTs. Technically   speaking, an NFT may be copied just like any other  work of art, but because all NFTs keep a record   of their transaction history, the original NFT  address can be traced back to the original author.   It's also crucial to keep in mind that someone  may make a new NFT and direct it to the exact   same hosting address as the original NFT, or they  could link it to a different address that goes to   the same image or gif. The particular bit of data,  not the picture, is what makes an NFT valuable.   Lebron James could hit a free shot when 30 000  people are watching, just as I could make a free   throw at my local YMCA, but one has far more value  depending on what other people think of it. Even   though I'm doing exactly what Lebron is doing,  his free throws are valued far more than mine. 

How do I purchase a NFT? 

 How do I purchase a NFT? is another query you can  have when you enter the NFT market. Because buying   an NFT is really fairly easy and presents about  the same challenges as buying corporate shares.   You should now be aware that the majority of NFTs  are sold on nft-specific markets, similar to those   on eBay, Amazon, and Facebook Marketplace. The  fact that NFTs are often acquired with ETH means   that before you can buy a cryptokitty or an NBA  top shot, you'll probably need to have some real   Ethereum on hand. This might be a disadvantage.  Transferring cryptocurrency to an NFT wallet   often requires some technical know-how since if  you do it improperly, you might lose all of your   money in the transaction. Here are the four most  popular NFT exchanges for buying and selling NFTs.   niftygateway.com, openc.io, superrare.co, and  app.rarible.com. The first step if you want to   purchase a NFT is to register for an account on  that particular website. The second step is either   purchasing cryptocurrency on another exchange  and then transferring it to your wallet there.   You should be aware that NFT wallets resemble  every other cryptocurrency wallet quite closely.   For anyone interested in the technical details,  most of them are based on the erc721 protocols,   but I promised not to go too technical in  this video. They typically contain a public   and a private key. Finally, you can actually  place a bid similar to an auction and pay   for whatever it is you're trying to purchase. 

What do you do with your NFT?

What do you do with your NFT? Now that you've   bought your nft, you're probably wondering where  the heck you store it. You store it in a wallet   so that it's safe and accessible to show your  friends and other people what you've recently   bought. The best place to store your nfts is  on a hardware wallet like a ledger nano where   it can be offline and protected but if you're  wanting to keep it online here are some options.