What are NFTs?
what is nfts?
I know NFT stands for nonfungible token. But what does it actually mean?
I know that NFT stands for "non-homogeneous token", but what does it really mean?
Let's start with the words themselves. In economics, "fungible" is a term used for things that can be exchanged for other things of exactly the same kind. The U.S. dollar is fungible. But most objects in The physical world, such as cars and houses, are not funny, meaning they have unique qualities.
Let's start with the words themselves. In economics, fungible is a term used to mean something that can be replaced by other similar things, and the dollar is replaceable. But most objects in the real world, such as cars and houses, are irreplaceable, which means they have unique properties.
tokens are units of value stored on a block chain. cryptocurrencies are like bitcoin, ether and dog economy are tokens, but not all tokens are mean to be used as money.
"tokens" are units of value stored in a blockchain. Cryptographic currencies such as Bitcoins, Ethereum and dogecoin are all tokens, but not all tokens are used as currency.
So nonfungible tokens are sort of like cryptocurrencies, except they have unique qualities and they aren't necessarily used as money. Why is that important?
Therefore, "non-homogeneous token" is somewhat similar to cryptocurrency, except that they have some unique properties and are not necessarily used as currency. Why is this important?
Well, until pretty recently, nonfungible goods didn't really exist on the internet. The internet essentially works like a giant copy machine — any digital file can be duplicated a Infinite number of times, and every copy is exactly the same as the original.
So, until recently, irreplaceable goods did not exist on the Internet. Fundamentally speaking, the Internet is running like a huge copier. All electronic documents can be copied countless times, and each copy is exactly the same as the original.
You can think of NFTs as like the certificate of authenticity you might get if you bought an expensive sculpture. The sculpture could be copied or f Ordered, but because you have the certificate of authenticity, you can prove that you are the owner of the original.
You can look at NFT in this way: if you buy an expensive sculpture, NFT is like a certificate that you may get to identify the authenticity. This sculpture may be imitated or imitated, but because you have a genuine certificate, you can prove that you are the one who owns the genuine product.
I can see why NFTs are an interesting technology. But why would someone pay millions of dollars for one?
I can understand why NFTs is an interesting technology. But why would someone spend millions of dollars to buy an NFT?
NFTs aren't unique in their uselessness. People spend money on objects of no practical value all the time — maybe to feel good, maybe to show off to their friends, maybe to signal membership in a group. Even if all that NFTs represented was a new class of luxury digital goods, They would still be worth taking seriously as an emerging industry. * * *
NFTS is not the only useless thing. People always spend money on things that have no practical use, perhaps for pleasure, perhaps to show off to their friends, or to show their identity in a circle. Even if all NFT stands for is a new kind of digital luxury goods, they still deserve to be taken seriously as an emerging industry.
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Key words
stand for
, which is the abbreviation of
Example: AIstands for artificial intelligence.
Physical < f? z.? .k? L/
adj. material, tangible;
antonym of body: mental (adj. psychological)
collocation phrase: mental and physical health
English definition: relative to real objects that you can touch, see, Or feel
collocation phrase: the physical world
collocation phrase: physical assets such as houses or cars
token
/? to? .k? N/
n. tokens; Gift certificate, voucher
collocation phrase:? 1 book tokens
synonyms: coupon
cryptocurrency
/? kr? p.to? k? .? N.si/
n. encrypted electronic money
root affix: crypto- (meaning "secret, Hidden ")
Collocation phrase: a crypto-commune
Related words: currency (n. currency)
be meant to do sth.
Near-sense phrase: to be intended to do sth.
Example: a diagrammis. eant to / intended to explain how something works.
necessarily
/? nes? ser? li//? nes.? .ser.? L.i/
adv. Definitely
collocation phrase: not necessarily, not necessarily
Example: The more expensive things are not necessarily better.
Essential
/? sen.? L.i./
adv. In essence, fundamentally
synonyms: basic, fundamentally
Example: essential, the Internet works like a giant copy machine. = the Internet essential works like a giant copy machine.
duplicate
/? du? .pl? .ke? T/
v. copy
Discrimination of meaning: duplicate, copy
duplicate and copy can all be used as verbs, meaning "copy, repeat". The difference is that the meaning of copy is very broad, which can refer to "copy and paste"; It can also refer to "copying" broadly, such as "to copy out seven poems"; It can even mean "plagiarism, cheating".
However, duplicate stands for "copy", which has a simple meaning and emphasizes identical copy or copying. Such as to duplicate video tapes.
authenticity
/? ɑ? .θen? t? s.? .t? I/
n. authenticity
related words: authentic(adj authentic taste;
collocation phrase: authentic Italian food
collocation phrase: an authentic work by Picasso
collocation phrase: a document of Doubtful authenticity
forge
/f? rd? /
v. Forge
English definition: to make an illegal copy of something in order to deceive
collocation phrase: to forge a passport
collocation phrase: a forged passport
signal
/? s? ɡ.n? L/
v. indicate, indicate, indicate
part-of-speech expansion: signal (n. signal)
collocation phrase: traffic signals
Example: both sides have signaled their williness to start negotiations.
representative
/? rep.r? Zent/
v stands for
English interpretation: to be a sign or symbol of something
Example: To many people, The white house representatives the identity of the United States.
take sth./sb. seriously
take something/someone seriously
Example: He takes himself too seriously.
Example: Every citizen should take both the PCR testing and antigen self-testing. (Every resident should take nucleic acid testing and antigen testing seriously. ）
emerging
/? m? . d/
adj. Emerging
Related words: emerge (v. Appear)
Example: the sun emerged from behind the clouds.
Collocation phrase: emerging technologies.