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Non-Fungible Token (NFT)

Having watched a TV news item about a digital artwork that was purchased as an NFT I thought that I need to make a post about the subject.

In a similar manner to my comments about Crypto-currencies, Blockchain and The Distributed Ledger, the concept is fine but I have a big problem on how they all relate to reality. I have posted on the technology in the past as I was intrigued with the concept of Bitcoin Mining and the ability to make money from nothing. The mining aspect seems to have pretty much disappeared but the concept of an alternative currency persists.

Investopedia says:

Non-fungible tokens or NFTs are cryptographic assets on a blockchain with unique identification codes and metadata that distinguish them from each other. Unlike cryptocurrencies, they cannot be traded or exchanged at equivalency. This differs from fungible tokens like cryptocurrencies, which are identical to each other and, therefore, can be used as a medium for commercial transactions.

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The story is far from over...............

Links

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External Links - references -

  • 1 - What Is a Non-Fungible Token (NFT)? - https:// www.investopedia.com/ non-fungible-tokens-nft-5115211
  • 2 - dotdash.com - https:// www.dotdash.com/

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