NFTs: What is the Hype and How it Works?

NFTs are non-fungible tokens n digital form that represent ownership over assets. what is nft?

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how nft works? Artist A creates his digital artwork and SETUP cryptocurrency wallet to purchase crypto and pay listing fees

how nft works? 'A' SIGNS THE ARTWORK DIGITALLY TO CONFIRM ITS AUTHENTICITY. THIS WILL FOREVER LINK IT TO 'a' crypto wallet. Once minted it is impossible to modify or delete it.

how nft works? artwork IS ASSIGNED A UNIQUE NFT IN THE MARKETPLACE. 'a' RECEIVES A PERCENTAGE OF PAYMENT EVERYTIME THE NFT IS RESOLD.

how nft works? ONCE LISTED in the marketplace, person b purchases it to own both nft and the artwork. However 'b' cannot reproduce it.

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[{"selector":"#anim-54be603d-e18e-4f1d-8c26-d6ebe8cb6bd5","keyframes":{"opacity":[0,1]},"delay":0,"duration":1600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] benefits of trading in nfts 1. Direct buyer and seller contact. 2. Elimination of agents makes NFT markets efficient. 3. investment portfolio diversification.

[{"selector":"#anim-f76f1df9-00a7-4922-99e6-35d95fdac2b6","keyframes":{"opacity":[0,1]},"delay":0,"duration":1600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] Consequences of nfts 1. increase in carbon di oxide emission due to high powered computers for validating nft transactions. 2. investors and creators need to pay gas as fee to trading platforms.

[{"selector":"#anim-4eadc0e8-1a73-4432-b221-5ae3687bb832","keyframes":{"opacity":[0,1]},"delay":0,"duration":1600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] Consequences of nfts 3. NFTs are prone to cyber security breaches. 4. nfTs can be copied and pasted. This takes away the power to solely own the NFT.

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