4/9/2021 NFT Explained: Unique Digital Signature | by The Revenue Avenue | Jul, 2021 | Medium

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NFT Explained: Unique Digital Signature

The Revenue Avenue Jul 29 · 3 min read

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4/9/2021 NFT Explained: Unique Digital Signature | by The Revenue Avenue | Jul, 2021 | Medium

What is an NFT
The name Non-fungible token (NFT) more or less means that it is one of a kind and
cannot be duplicated or replaced by something else. Physical money is fungible — if
you trade one dollar for another dollar you will end up having the same value in
dollars. A one of a kind baseball card is non-fungible if you happen to trade it for a
different card you would end up with something completely different.

NFT’s has taken off this year and is increasing in popularity. They are digital assets and
they can take in the form of music, art, trading cards, memorabilia, and are being sold
for millions of dollars.

How does it work?

The majority of NFT’s are part of the Ethereum blockchain. The Ethereum blockchain
supports these NFT’s which store extra information that makes them function
differently from let’s say a BTC coin. However, you should know that other blockchains
can also implement NFT’s and some have already gone down that road.

Each NFT has a unique digital signature that makes the NFT one of a kind. This also
makes it impossible to exchange for equal value or one another.
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4/9/2021 NFT Explained: Unique Digital Signature | by The Revenue Avenue | Jul, 2021 | Medium

NFT include tangible and non-tangible items, including:

Collectibles

Designer sneakers

Art

Music

GIFs

Virtual avatars

Memorabilia

Game skins

Twitter founder Jack Dorsey also got in on the action and sold his very first ever tweet
for a whopping $2.9 million.

You can also then derive that NFT’s are like digital collector items. For instance, instead
of getting a Van Gogh painting, the customer will get a digital file instead.
Furthermore, the owner will also enjoy exclusive ownership rights. This means that
NFT’s can only have one owner at a time. Because NFT’S has a unique data signature it
verifies ownership and the transfer of tokens between owners is a breeze.

Where can I get NFT’s

Here is a list of places where you can buy NFT’s:

Rarible

OpenSea

NFT Showroom

SuperRare

Axie Marketplace

Nifty Gateway

VIV3

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4/9/2021 NFT Explained: Unique Digital Signature | by The Revenue Avenue | Jul, 2021 | Medium

BakerySwap

Foundation

Gamers will be delighted to know that NFT’s has expanded into the gaming sector.
There are various in-game purchases that you can make across different video game
platforms. The in-game assets can be bought and sold by players or even traded which
adds even more fun to the dynamics of every game.

Should you buy NFT’S

As NFT’s are still in their infancy it may be worth investing a small amount and see
what the future holds. Investing in NFT’s is largely a personal decision and different
people will have different reasons behind wanting to invest in them.

You should, however, keep in mind that the value of NFT’s is based entirely on what
someone else is willing to pay for it. Furthermore, typical stock price influencers like
technical, fundamental, or economic indicators fall to the wayside as demand will
drive the price of your NFT’s.

So choosing what NFT’s you invest in will be one of the hardest things to consider, but
if a tweet can sell for millions then the possibilities are endless.

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4/9/2021 NFT Explained: Unique Digital Signature | by The Revenue Avenue | Jul, 2021 | Medium

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