Crypto · October 1, 2021 2

What Exactly Are NFTs? Explained in Layman’s Terms

This article is in progress, should have it done by 10/24/2021

NFTs, or Non-Fungible-Tokens, are a hot topic right now, and I just realized that I haven’t really answered the question of what are NFTs.

NFTs – The Basics

NFTs are essentially a record of ownership, secured by the blockchain. There are many different blockchains that support NFTs now (such as Ethereum, Solana, Cardano, and others), but for the purpose of this video, I’ll just stick to explaining Ethereum NFTs.

Currently, most of the hype is based around profile picture NFTs such as Ether Rocks, Crypto Punks, etc. However, NFTs are useful for securing (and proving) ownership of much more than just [collectible] pictures on the internet.

NFTs could be used to replace/supplement car titles, house deeds, Wills, etc. Additionally, NFTs have been used as proof-of-attendance tickets, for securing valuable in-game items, and many other uses.

Hope that answers more questions that it creates. Sorry I’m not feeling 100% today, I’ll come back and improve this article in the near future when I’m clear-headed.

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