What is an NFT? And How Does It Work? (NFT Beginner's Guide 1/10)
Summary:
A non-fungible token (NFT) is a unique and tradable digital token that verifies ownership of an asset. Token ownership can represent assets like digital art, images, videos, music, gaming items, event tickets, and thousands of other items.
The owner of an NFT has a proverbial ‘bill of sale’ that enables them to prove that they own it—and that they are the only person who owns it.
Compared to previous generations of digital assets, NFTs operate more like real-world assets. You can freely trade them, sell them, and even insure them. Their interoperability, immutability, composability, and censorship resistance take NFTs to the next level.
Chapters:
0:00 Intro
0:38 What is an NFT?
2:08 What is a blockchain?
4:17 #1 - Interoperability
7:14 #2 - Immutability
8:55 #3 - Composability
10:36 #4 - Censorship Resistance
13:13 Wrap up