Namaste People, Welcome to Corta News one place for all Tech, Mobile, and Gadget news. Here I also talk about case studies of those tech topics.
Do you know that Twitter’s CEO’s first tweet was sold for over $2.9M and a Cat Meme was sold for more than $69M (INR 5,23,83,07,500)?
Why people are crazy about buying a photo for crores of money?
Here you can learn about
What is NFT?
How do NTF works?
What is Blockchain?
Why buy NFT even though you can download it for free?
How to buy NFT?
How to earn money on NFT?
Does buying and selling of NFTs are similar to Stocks?
So many questions come to mind when asking about NFT.
Here I try my best to clarify NFT.
For a better experience on mobile just say ” Hey google Read this” 🎧The google will read and you can just parallelly see the text.
What is NFT? How does it workTweet
NFT: Non-Fungible Token
It works through Blockchain Technology
NFT means Non-Fungible Token.
That’s it. It is over. 😆 Ok. Let’s go and talk about each part.
We can say the word fungible means Replaceable. So anything which can be replaceable was called fungible.
Buying a book (Atomic Habits) is replaceable because there are millions of copies on the market and you can order one but buying the book that I had is not possible because I added some notes and highlighted some points and they can’t be available anywhere.
So the book that I had is irreplaceable and that means it was not fungible.
Now talk about tokens. Tokens mean ticket. You can buy a ticket through Blockchain. The BLOCKCHAIN… The BLOCKCHAIN…
Whatever you heard about blockchain may be correct. It was very private, it was the new technology to exchange crypto, Nowadays states are using Blockchain for voting, schools, and many places.
I will give a corporate definition of Blockchain.
Blockchain is a shared, immutable ledger that facilitates the process of recording transactions and tracking assets in a business network.
To understand Blockchain I will give an example
I think all the people are aware of the Indian elections. So in elections, we go to our polling booth and do our votes. But we don’t know whether our vote was counted in the results or not. But we believe that our count has been valid or counted because we trust our election commission.
Similar in banking also. If we made any online transaction from our mobile to another person’s bank. Our bank (SBI) will see our balance and transfer the money to another person’s bank (Union Bank).
Here all out ledger was privately maintained by our Banks and it was not shown to the public. And we trust our bank was doing good.
Now assume a situation where you had 10 Bitcoins and you want to transfer 5 of them to your friend. When you want to send them now the Bitcoin miners will check whether you had 10 Bitcoins or not and make the transaction.
So who are miners? Miners are the person who had access to our ledger. There are some thousands of miners. The main job of the miners was the run some complex codes and access our ledger.
If you want to make any transactions in blockchain at least 51% of the miners should approve. All these will happen in seconds
Manoj you said blockchain was private.
Yes, I agree, and now also saying that it was private. Our address will not be displayed for miners. We had one public address and a private address.
If you want to make any transactions your public address will be shown (some 12+ random digits) so they don’t have access to your name, address, or phone number like sensitive data.
Know more about Blockchain privacy from this video where I gathered the information for this post.
Future of Blockchain
This was taken from this video.
Nowadays many state elections are happening through blockchain. So you can make sure that your vote has been counted.
Similarly, Blockchain technology was used in educational systems. Now they are thinking to upload all certificates of students to the blockchain. So that there will not be certificate tampering.
In the future, we may see it in the Medical sector also.
Haa. Now come back to NFT. I hope you understand what is Fungible, Token.
Now it will be easy to know what was NFT.
I think NFT was not the new term. I think most of the people listen to this past also.
You may hear that a celebrity sells any of his things for auctions and we buy them.
Do you remember it or not Sachin Tendulkar’s bat was sold for 42Lakhs in a sports auction. You may be crazy why he buy that bat for such a huge amount. Here it was because he may be his fan or for prestige because it was a unique piece.
Similarly, with Blockchain technology now you can buy Photos, Videos, and Music on the internet.
Recently, the first tweet on Twitter was sold for $2.7 million(can see the tweet in the thumbnail). A cat gif was sold for $69 million.
Why people are buying those pictures, videos, or music for millions when we can all download them for free.
If you thought this was huge and can’t read this then stay tuned for Wednesday. I will upload the short form of what is NFT? on Corta Detras
Prestige and Pride
As we are living in the digital world we can see that Twitter, Instagram or Facebook blue tick verification makes some sense of prestige and publicity. Agree?
Similarly, owning a rare or unique piece of art 🎨 will make them more valuable.
See you may download Picasso’s pic on google but when you are the owner of the Picasso think about how it feels. It feels some sense of pride and prestige.
Yes, people can download Picasso but you are the owner of that Picasso NFT.
Ok, now suppose I bought an NFT for 1 Bitcoin, and what was the use of it when others can download it and they may say that they are the owner of it.
As said earlier Buying and selling NFT will happen through the blockchain So if you buy any NFT it was shown in your ledger of the blockchain. So you and the public had proof that you are the owner because you made the transaction for buying or selling that NFT.
So how can we earn money from NFT?
As stocks, we can buy and sell NFTs.
I think most people don’t buy NFTs for prestige. Some may be but not most. They will buy and sell them.
Suppose you buy an NFT for 10Bitcoin and after some days you can sell it for either 11Bitcoin or 9 Bitcoin.
This was similar to Stocks. You buy a stock for some X price and you may sell it for X+1 Price or sell it for X-1 price.
Should I want to buy NFTs? My recommendation
My answer was I don’t know but one thing I know was that it was the Future for next 5-10 years. As of now, I didn’t have any NFT but maybe in the coming days. So I too don’t have any recommendations. But I think this was a new internet thing so if you are interested then buy. But keep in mind that by buying the NFT in your budget only to gain some experience later you can play with NFTs.
To learn more about NFT just search on google or search on Twitter with #NFT and you will find the latest updates on NFT.
I hope you somewhat understand NFT and Blockchain systems. Comment below how was my way of explaining.