NFT Explained In 5 Minutes | What Is NFT? – Non Fungible Token | NFT Crypto Explained | Simplilearn

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This video on “What is NFT” covers all the important concepts of NFTs like What are NFTs?, What are Non-Fungible Tokens, how do NFTs work, how are NFTs different from other cryptocurrencies working in the same Blockchain Technology, how NFT became so popular and what future NFTs hold for the world’s economic system.

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00:00 What are NFTs?
01:39 How do NFTs work?
02:09 How are NFTs different from other cryptocurrencies like Ethereum and Bitcoin?
03:05 How did NFTs become so popular?
04:05 Future of NFTs

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#NFT #WhatIsNFT #NFTExplained #NFTCryptoExplained #NFTCryptoForBeginners #NonFungibleTokens #WhatAreNonFungibleTokens #NonFungibleTokensExplained #NonFungibleTokensExplainedSimply #NFTExplanation #Simplilearn

What is NFT? – Non-Fungible Token
NFTs turn your digital assets into “”one of a kind”” by creating a unique digital signature that defines the ownership of your assets and that can be bought and sold for real money, cryptocurrency or any other asset like a “”non-fungible token”” aka NFT.

NFT basically creates a blockchain-based digital certificate for your digital collectables, including games, music, art, and many more. This certificate gives your artwork a unique identity. The Underlying technology and the programming language used by NFTs are the same as other cryptocurrencies ie. Blockchain and the programming language Ethash or Scrypt. On the other hand, NFT is a unique token; therefore, if you try to trade it, you may end up with something completely different in your hands. Cryptopunks is a remarkable example of NFT, it enables you to buy, sell and store 10,000 collectables with the proof-of-ownership being stored on the Ethereum Blockchain.

NFT has proved itself to be a boon in the lives of many others – like Jack Dorsey, the CEO and co-founder of Twitter with his very first and famous tweet, “just setting up my twitter,” and Vignesh Sundaresan, famously known as “Metakovan,” who bought 69.3 million dollars worth of NFT art on Beeple. Owing to its increasing popularity, people are now willing to pay hundreds of thousands of dollars for NFTs.

NFT has enhanced media exposure and special perks for aspiring artists on social media. This popularity of NFT creates new opportunities for new art platforms, motivating people to buy art from internet platforms and promoting copyright or originality of digital assets. Many experts in the crypto industry say that around 40% of new crypto users will use NFTs as their entry point. As a result of its growing popularity, NFT could represent a more significant part of the digital economy in the future.

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Responses (28)

  1. Simplilearn

    Don't forget to take the quiz at 03:47! 🔥Explore Our FREE Courses With Completion Certificate: https://www.youtube.com/watch?v=-caxhMlw_04

  2. Yoza Anugrah Ch.

    Digital copy game i bought its nft?

  3. 1983 the nothing channel

    Can't wait for this fad to go away

  4. 1983 the nothing channel

    Sounds stupid asf. Pass

  5. Narendra Desina

    Unique digital signature

  6. Tejas Kamble

    B) Unique Digital Signature

  7. Kritika Bisht

    Unique digital signature

  8. ihearandobey

    It seems like NFT was created by an incredibly naive and out of touch person

  9. Nameless Explorer

    Fun Fact: Artworks in Louvre is actually IRL NFT’s

  10. Troy Rowe

    In other words, you better be buying ETHEREUM!

  11. Eli Wade

    b was the answer

  12. Rheanon Jasmyne

    NFT can KMA !

  13. Choryllis

    The damn bot in the comments is driving me wild. Let's see if it responds to this comment.

  14. Adi Olteanu

    A non fungible token like MONALISA has value because it is only one in the wolrd
    Imagine that you make a milion copyes of monalisa and give them an unique serial number,then the value of of monalisa would drop significantly …….not like today NFT's whom are soaring in price 🤣🤣🤣🤣
    In my opinion if you had a milion monalisa you can wipe your ass with them.
    The ony value that monalisa has … it's that is unique

  15. Wellshem

    So basically, another way for the middleman to get richer.

  16. Abdulrasheed Abdullah

    (c)unique digital signature

  17. MetaMirby

    You are and IDIOT!!!
    It NEVER helps at all!!! 😡

  18. KAMAKSHI AHIRWAR

    Very well explained!!!

  19. norbkowa

    “You will own nothing and you will be happy” there will be no more ownership of physical things only virtual. Good for ruling class and bad for sheep

  20. SlickMick

    This is so dumb wtf

  21. IIONNICC

    Digital art is pixels on a screen…

  22. TechTimes

    Brilliant

  23. Nikhil Dutt

    B is the answer

  24. 林育緯

    B

  25. Yeneneh Tesfaye

    The answer is B

  26. yousini

    I own copies of susan paintings and can see them anytime I want I dont care why they are not originals

  27. u4site 4u2

    And what about digital and audio the video concert will video and video concepts ever become an opportunities will I ever be able to digitally turn my video my rare One of a kind video internet connection and be able to put it on the marketplace and gifts or gifts will they be able to be digitally placed on a digital marketplace through an FTS and what about news outlets when they get a hold of this

  28. u4site 4u2

    But here's the thing what if my original heart was stolen I converted into an nft which blocks the original owner from its own ownership and what is me and someone else has similar art both turned into nfgs what then