LogFAQs > #959864385

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Topic	more NFT stupidity to laugh at
Sad_Face 11/10/21 9:22:13 AM #41:	Zano posted... I still dont understand what NFT is >_> Non fungible token. But let me backtrack to the "fungible" word. When it comes to money, money is generally fungible. You don't discriminate between which 20 US dollar bills are in your pocket. You just use them as you need them. However, things like airplane tickets, immunization records or vaccination cards, trading cards, they need to be nonfungible. You have to discriminate between them to maintain their value. Now the blockchain's key innovation is the successful creation of e-currency by creating digital assets, which is distinct from regular digital files because you can copypaste the digital file while a digital asset on a blockchain, when it's moved from wallet to wallet, it's no longer at the original wallet as the network verified and recorded the transaction. But here's an issue with the setup, you can't discern between the currencies. The network will tell you you accumulated 10 BTC over the past 5 years, but it can't discern between the first BTC you purchased and the 3rd one you were gifted from crazy Uncle Cyril. Enter: NFTs. While ERC-20 is the standard Ethereum came up with to allow other projects to monetize and crowdfund their projects (all those scam coins use that official format) using tokens, ERC-721 is the format Ethereum designed to accommodate the innate lack of fungibility in cryptocurrencies. This means we can finally recreate the uniqueness of trading cards, and expand to property rights and deeds and what have you. We can create a digital asset counterpart to represent anything. But what's limiting the market right now is data. Until chainlink or some other oracle network onboards more data the blockchain, they're stuck playing around with making tokens on art, mostly. Though there are cool applications like one project, Linkpool, released an NFT to all their ICO (initial coin offering) investors. About 1K persons bought into their crowdsale, now one NFT of those sold for over a million dollars worth of ETH. TL;DR; NFTs are nonfungible digital assets, separate from cryptocurrencies and where you can discriminate between each NFT individually unlike a cryptocurrencies. They'll be used quite a bit in the future and you're seeing the pre mainstream adoption phase build up right now. Expect Game consoles to release trophies and achievements as NFTs when they integrate blockchain tech. GameFAQs would benefit from this because then they could have reviewers link their NFT compilations with their reviews to guarantee they played the game and didn't halfbake their run unlike half the gaming journalists at big name sites. --- https://imgur.com/WmIB016 https://imgur.com/53FGj6K <cite>Sad_Face posted [p:959864385] in more NFT s... [t:79751076]...</cite> <quote>Zano posted...</cite> <quote>I still dont understand what NFT is >_></quote> Non fungible token. But let me backtrack to the "fungible" word. When it comes to money, money is generally fungible. You don't discriminate between which 20 US dollar bills are in your pocket. You just use them as you need them. However, things like airplane tickets, immunization records or vaccination cards, trading cards, they need to be nonfungible. You have to discriminate between them to maintain their value. Now the blockchain's key innovation is the successful creation of e-currency by creating digital assets, which is distinct from regular digital files because you can copypaste the digital file while a digital asset on a blockchain, when it's moved from wallet to wallet, it's no longer at the original wallet as the network verified and recorded the transaction. But here's an issue with the setup, you can't discern between the currencies. The network will tell you you accumulated 10 BTC over the past 5 years, but it can't discern between the first BTC you purchased and the 3rd one you were gifted from crazy Uncle Cyril. Enter: NFTs. While ERC-20 is the standard Ethereum came up with to allow other projects to monetize and crowdfund their projects (all those scam coins use that official format) using tokens, ERC-721 is the format Ethereum designed to accommodate the innate lack of fungibility in cryptocurrencies. This means we can finally recreate the uniqueness of trading cards, and expand to property rights and deeds and what have you. We can create a digital asset counterpart to represent anything. But what's limiting the market right now is data. Until chainlink or some other oracle network onboards more data the blockchain, they're stuck playing around with making tokens on art, mostly. Though there are cool applications like one project, Linkpool, released an NFT to all their ICO (initial coin offering) investors. About 1K persons bought into their crowdsale, now one NFT of those sold for over a million dollars worth of ETH. TL;DR; NFTs are nonfungible digital assets, separate from cryptocurrencies and where you can discriminate between each NFT individually unlike a cryptocurrencies. They'll be used quite a bit in the future and you're seeing the pre mainstream adoption phase build up right now. Expect Game consoles to release trophies and achievements as NFTs when they integrate blockchain tech. GameFAQs would benefit from this because then they could have reviewers link their NFT compilations with their reviews to guarantee they played the game and didn't halfbake their run unlike half the gaming journalists at big name sites. --- https://imgur.com/WmIB016 https://imgur.com/53FGj6K</quote> ... Copied to Clipboard!
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