NFTs for Small Business: How to Thrive in a Web3 World (Part 1)
In this four-part series of the NiFTy Chicks, Mint-ECell was invited to speak to an Inner Circle for small business owners about how to best use NFTs for their business. In this first segment of the training she reviews what are NFTs & Blockchain and the idea behind NFT's and some examples of how small businesses can take advantage of this.
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TIMESTAMPS:
00:00 Introduction
02:30 Mint-ECell's journey into NFTs
04:16 What is an NFT?
04:48 What does fungible mean?
06:40 Smart Contracts and Utility with an NFT
07:53 Physical NFTs
09:58 Blockchain
14:09 Closing remarks
NFTs, or non-fungible tokens, are unique digital assets that are stored on blockchain technology. They are verifiable, protected, and documented on the public record, making them impossible to replicate or interchange. NFTs act as a digital certificate of authenticity or proof of ownership for a particular asset. An example of a non-fungible asset is a dollar bill, which is unique and cannot be replicated or interchanged with another dollar bill. Blockchain technology is a decentralized, digital ledger that records transactions and stores them in a secure and transparent way.
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