What is an NFT? Explained in 59 seconds #shorts

You’ve probably heard about this thing called an “NFT” but what is it, and why do you need to know about it?
In short, NFT stands for non-fungible token.
If an asset is fungible it means it can be replaced or exchanged and its value will stay the same. For example, 5 $20 bills have the same value as 1 $100 bill.
Therefore, non-fungible assets cannot be substituted. These are assets like land, homes, or even baseball cards. Their value is defined by their own unique qualities which can take away, or add value.
Now those examples are physical. NFTs are digital assets, or, tokens.

[Shooter_D]

No one’s been able to explain this in a way that doesn’t sound like an entire scam.

[soonsuicidal]

I swear the rich are just making us a fool. 🤦🏻‍♀️

[bbreimm]

I'm allergic to fungi. Therefore I completely support tokens that are non-fungible for my health and safety. Please spread awareness.

[PALICORN_HQ]

Hmmm
Still didn't understand anything

[bryanfukingfox]

Go with your gut on this one, people…

If it’s blatantly obvious that it’s a scam, it’s most likely a scam…

[MechaAkuma]

This is incorrect. An NFT is a code that is stored on the blockchain. Not the image. When you buy an NFT you buy a piece if code on the blockchain. That's it. The image itself isn't stored on the blockchain but somewhere else. That image can be changed, copied, deleted or do whatever with. When you buy an NFT you own *nothing* but a link on the blockchain thay says "I own this!"

[michaellouis]

The crypto market has been favourable in the past weeks, I keep missing out on this opportunity, I'm most certainly very impatient how can I ever make a profit in the crypto market.

[BlackAceKisachi]

Instead of buying nfts I’m just going to screen shot

[TrentKennelly]

Honestly if people think it’s a scam they haven’t seen a good enough explanation or don’t want to understand it. Good coverage of the topic!

[pvlr]

NFT is a static url to an image that's hosted somewhere and can be deleted and modified any time.

[waveydaveyavr]

Thank you for finally explaining this without including incredibly stupid and childish pop culture analogies. I really appreciate somebody who can explain something in a no nonsense fashion, without including cute little sound effects and other superfluous minutia.

[StrawIceBerry]

Just imagine

Guys I just bought a 2 million nft!

What’s a nft?

A digital piece of art that is not real 😀🤡

[TeacherPolisXtraRice]

2023: 95% of all NFTs are now worthless after their valuation plummeted to $0

[chelseafuller]

Thank you for finally making sense of this!!!

[denniskorir]

This is an interesting concept, would love to know more

[chipmunkk]

NFT's make crypto sound like a safe long term investment choice.

[Omahageful]

I am very confused on how these have value. I get that they are unique like land, but what can do you with a NFT? Land for example has many uses… all you can do with a NFT is sell it, and then who bought it from you can sell it again and again? I can’t hang it on my wall like art, many of them don’t take any skill to create unlike real art. I just don’t get it aside from these people who own NFTs want to sell them to unknowing idiots to make that quick $$.

[samueljohn]

We are certainly heading into a cashless society, God help us all

[im_not_a_bot_]

Is there a penalty for creating a duplicate? What keeps anyone from diluting an nft with multiple replicas?

[tiufrvm]

Vcity Voice NFT Benefits:
1. Holding the Voice NFT of The Vcity is a symbol of identity, officially becoming a citizen of The Vcity, and receiving the Voice NFT Medal.
2. Holding The Vcity Voice NFT will enjoy the future profit sharing rights of The Vcity.