What is a Non-Fungible Token (AKA NFT)?
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What is a NFT? Non-fungible token? People keep talking about the Bored Apes & Crypto Punks, but I have no idea what they are talking about. In this episode, we help define what a NFT is & share a little background about how they got started.
Let's do this!
Definition:
- Merriam Webster Definition of a NFT & Blockchain
- Definition of non-fungible token
- : a unique digital identifier that cannot be copied, substituted, or subdivided, that is recorded in a blockchain, and that is used to certify authenticity and ownership (as of a specific digital asset and specific rights relating to it)
- Definition of blockchain
- : a digital database containing information (such as records of financial transactions) that can be simultaneously used and shared within a large decentralized, publicly accessible network
- also : the technology used to create such a database
- Definition of non-fungible token
A non-fungible token (NFT) uses the technology of blockchain to create something that is unique in the digital world.
The meaning of fungible describes items that are the exact equal value and interchangeable with each other for example, one dollar is the same as one dollar.
Non-fungible is like people or snowflakes there are no two exactly the same. ❄️
NFTs establish proof of ownership in a digital world through blockchain technology. You can see every transaction of NFTs on the blockchain. You can track every single change of hands & therefore prove ownership of the digital image.
NFT could be used to authenticate anything digital or non-digital. It could a non-digital item such as deeds to a property, tickets to a concert, legal documents like your vaccine certificate or it could be a digital item such as a tweet, music, and art.
Celebrities, artists & musicians are moving into the NFT space helping to bring the new technology into mainstream media.
EXAMPLES:
Floor is 91.25 ETH as 2/22/22 which is approximately $240k . How many Bored Apes are in your wallet?
Crypto Punks – no floor because nobody is selling them! Yes, they are worth that much!
A sample of our favorite (mostly) women-led NFT projects!
Twitter links from L-R Top-Bottom:
- Long Neckie Lady https://twitter.com/LongNeckieLady
- Fame Lady Squad https://twitter.com/fame_ladies
- Rarible – Lost Girl
- Crypto Chicks https://twitter.com/NFTCryptoChicks
- Rebel Society https://twitter.com/RebelSocietyNFT
- Women of Crypto https://twitter.com/womenofcrypto_
- Girlies https://twitter.com/GirliesNFT
- Women & Weapons https://twitter.com/WomenandWeapons
- Sad Girls Bar https://twitter.com/sad_girls_bar
- Women Rise https://twitter.com/WomenriseNFT
- Girls Riding Thingshttps://twitter.com/GirlsRidingNFT
- Millionaire Ladies Club https://twitter.com/MLC_NFT
- Macroverse https://twitter.com/MacroverseHQ (not female-led project)
We love all the women-led projects #WomenSupportingWomen
LINKS:
- Q: We loved this Twitter question — How do you describe NFTs to someone who knows nothing about the space? Do you use an analogy?
- Paris Hilton explaining NFTs
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