It's not just a JPEG 🙃

When it comes to NFTs, we imagine some crazy artwork JPEG but it is surprisingly not the case anymore. Let us take a deep dive into the world of NFTs.

What are NFTs?

NFT stands for non-fungible token. “Non-fungible” means something is one-of-a-kind and can’t be replaced. Think of the Mona Lisa painting — there’s only one in the world. NFTs are digital assets that represent things like art, virtual avatars, GIFs, videos, trading cards and even memes.

So if NFTs are digital, what’s stopping me from taking screenshots or downloading them?

Sure, you can take a screenshot of an NFT image, the same way you can take a photo of the original Mona Lisa. However, you’re still not the original owner of the NFT or the Mona Lisa. 

Each NFT has a unique signature that verifies authenticity and any transactions related to it — who created it, who owns it, who sold it and for how much, etc. Creating an NFT is called minting.  When a digital file gets minted, an NFT is generated and stored on a blockchain. 

It was just an introduction to the world of NFTs. We'd be covering the concept of NFTs the next week too. Be ready to master NFTs ::)

That's it for the day, Web3Shala Signing Off ✌🏻

Have a nice day :)Keep Learning 🙏🏻