We’re hearing the acronym NFT tossed around a lot on the media lately, and they are actually nothing new. But this short video does a good job of just explaining what they are, why a plain cryptocurrency is not used, and some of the risks involved.
It also serves as a good example of another use for blockchain in the digital world to establish ownership and trade. As more and more banks are also looking at the use of blockchain, it is good to just keep abreast of what it is all about. Just remember the big thing is blockchain as a technology, and cryptocurrencies like Bitcoin or Ethereum are merely one type of use of blockchain. Don’t think that blockchain and cryptocurrency is the same thing.
A parting thought is just that many owned Bitcoin from years ago, now worth a fortune, and they have either lost the hard drive or lost the password, making them very unhappy people…
See A beginner’s guide to NFTs, the crypto potentially worth millions
#technology #NFT #crypto #blockchain
And yes, someone actually sold an NFT for over $69 million.