You know that feeling when you are reading an article or watching TV, and suddenly you hear a strange term (you’ve never heard of before), and you ask yourself, “What the hell is it?”. Well, that’s precisely what happened with a lot of people when they’ve heard this word.
If we say “Non-fungible” token, will things be clearer? We don’t think so! So what does it represent? Since it is non-fungible, it means that you cannot replace it with anything else, as you can do with bitcoin. But is there anything else worth knowing? There sure is! Let’s see what exactly!
Cool Facts About NFTs
How Does It Work?
This unique and irreplaceable trading card can be traded for a different one; however, it doesn’t mean that you’ll get exactly the same thing. Namely, a majority of NFTs belong to the Ethereum blockchain.
So what is Ethereum then? It’s a cryptocurrency, just like dogecoin and bitcoin; however, its blockchain backs up these NFTs, which contain extra info that makes them function differently when compared with ETH coin, for instance.
NFT And Gaming?
At first glance, many would think that this is a weird combination; however, that would be a completely wrong assumption. Furthermore, there are a lot of crypto gaming companies these days that provide players who are using the NFT cryptocurrency with ownership and control.
One of them is Gala Games. Those who are familiar with it probably know what gala games node represents. So what is it exactly, and how can you get it? They are here to secure this network and possibly the best way to support this project. If you want to earn it, you can do it by sharing this information with your friends and invite them to play these games.
What Are Other Info Worth Knowing?
What Type Of NFTs Exist?
Different types of digital things, such as music, pictures, videos, text, and surprisingly, even tweets. All these things can become an NFT. Digital art has witnessed a lot of spectacular sales; however, when it comes to sports, fans of it can collect and trade it if it’s related to a certain team or player.
For example, on the National Basketball Association’s Top Shot platform, people can purchase collectible NFTs that come in the form of video’s most spectacular moments from games. Even though all these highlights can also be seen on YouTube, people are still yearning to buy it because they want to become the owners of a certain NFT, and as we already stated above, every single one of them is unique.
Can You Use It As Collateral For A Loan?
This has become an extremely popular question since a lot of people have realized that the value of these tokens is huge. That’s why a lot of them were wondering whether they can use NFTs as collateral for a loan – to answer you quickly, yes, you can; however, gather some information first before you choose to do anything.
Now that you’ve managed to get some information about NFTs, you do not have to feel confused about it anymore. Even though all of this is still relatively new, according to some experts, a bright future awaits it.