So even though art makes up a very small percentage of the total NFT market, there is significant public interest in this asset class. But with the growing interest in this technology the uses are growing.Īccording to, NFTs are distributed as follows: Some Examples of NFTsĬurrently, the main field of application of such tokens is the gaming industry where gamers purchase unique weapons and other digital assets to improve the gaming experience. In short, an NFT is an untampered and tamperproof certificate of authenticity and ownership. Digital data (like transactions) on a blockchain is stored and kept as a permanent record available for all to see and verify, which lends itself perfectly to securing unique and secured digital information like NFTs. The reason that Blockchain is being used as the host or platform for NFTs is due to the tracking nature of blockchains. NFTs are not limited to Ethereum however, other blockchains already host NFTs. The second largest cryptocurrency which apart from supporting the native Ethereum token, also supports other tokens on which additional information can be stored.
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NFTs predominately exist on the Ethereum blockchain. This leads us to the second part of NFTs or the ‘token’ aspect. But when that dollar is digital, that traded dollar is completely fungible. I say arguably because one might have a small rip, or a stain. This is not the case say, for a one dollar bill, where both people doing the trade end up with arguably the exact same thing. They are Non-fungible, you can decide to trade one player for another but you clearly own something different once that trade has happened. The best and perhaps most relevant example are trading sports cards. This can be a single unique item, or multiple unique items which belong to a set. This means that the object is ensured to be unchanged and secured forever. So what exactly are NFTs?įirstly, non-fungible simply means something is unique and cannot be traded or replaced equally for something else. They have been offering videos, signed tweets, drawings, and even releasing an NFT art gallery, bringing dollars and more importantly attention to this technology as NFTs enter mainstream awareness.
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Over the last few months you may have read an article or a social media post about a well known person like Grimes, Jack Dorsey, John Cleese, Mark Cuban, Paris Hilton and many others join the NFT frenzy. But even without a direct request I will still continue to cover the occasional big news items that are relevant for the themes of the podcast. But today’s episode topic was requested by a listener so I just wanted to mention that if there is an interesting technology you are aware and think it would have a significant impact on society or jobs please let me know and I’d be happy to dedicate a podcast to it, either as a solo monologue or with a relevant guest. I typically like to jump right into the episodes and mostly avoid any preamble, as this has also been the feedback that I’ve been given from many of you listening.