What are NFTs?
Meanings of NFTs:
NFT means “non-fungible tokens”.
The co-founder of Twitter tweeted for the first time, and that tweet was sold for 2,915,835 dollars. That looks senseless to buy a tweet of this much money. But this happened in the history of the world.
That is not only for the first time. Millions of things are selling. These are precious things. If a person has something specific, no one other has this thing.
Suppose I have a blue coat. The company that is selling blue coat, sell thousands of coats.
My coat is one of them.
That is not a precious thing at all.
If this blue coat is my favorite, emotional value, and I wear this coat often. Then this is specific. Therefore, this coat is precious to me.
But now football matches are counted precious and are selling at a high price.
A special thing to a person will not be present to another person at that time. These are called NFTs.
Why would you pay for NFTs?
These are based on human psychology that how can we change our human nature as the technology advance.
Fungible = replaceable thing
Non-fungible = non replaceable
You cannot replaceable non-fungible things. These things are unique.
A bag of rice is a fungible thing, while Mona Lisa is non-fungible because this is a unique thing.
Non-fungible things are more earnable, give more money than fungible things. Fungibles are less valuable because everyone has access to these things.
What is a blockchain:
I will tell this with an example. Suppose I bought three slices of pizza from my friend. I did not have the cash to pay, so I swipe up my card. That will send a message to my bank account. Will you pay for three pizza slices? So, I say yes. Bank account send money to my friend’s account.
At the end of the day based on calculations, they send you a message.
You have fifty dollars in your bank account. This money has only numbers on the screen.
There are a lot of computers that are connected.
These computers collect data and store it.
There is no paper money.
A few years ago, people used paper money to do business. Now we trust banks to do transactions. The banks calculate our amount.
People were researching how do we transfer money without using banks. Therefore, a thing came that is BLOCKCHAIN.
In the blockchain, multiple computers are connected. Millions of transactions are recorded on the blockchain.
For example, I want to pay six dollars to my friend. So, I swipe my card. My transaction will be recorded in the blockchain. If My account runs out of money, therefore, these computers will cancel my transaction. If I have six dollars, they send money to my friend’s account.
That is all in the public record, and it cannot be altered.
There are more than ten million NFTs of different types. Some are music tokens, pictures tokens, and many more.
Now a day, things are almost converting into non-fungible tokens.
That is all due to an excess of everything. Here you can count it into huge of money. After completing necessities, the psychological behavior of a person may differ. He may buy things that are not precious at all. He may spend his money on common things and make them special.
Now technology changes into the non-physical way. There are a bunch of computers. These computers are collecting data from all over the world. Computers with no screen collect data and do calculations all day, and that is forever.
What is Ethereum:
The NFTs stored in the blockchain is called Ethereum.
The Ethereum blockchain computers use electricity. It is the same amount of electricity as the country of Sobia use. The amount of electricity is 33 TWH.
All know that electricity comes from the burning of fossil fuels and carbon. This is damaging the atmosphere. Due to this, there are many natural disasters in the world.
The power consumption of Ethereum is increasing day by day. There is no sign of slowing down the curve.
In the world of blockchain, everything is fake but in actuality, it is not fake.
I’m “Ahmed” And I’m Crazy About Technology. And I Bring On This blog Lastest “Tips”, “Tricks” & Hacks For Your Phone Completely. I am also a YouTuber.