What are NFTs about? This new world of crypto currency fascinates me. There is a lot of creativity in the function of tokens and how they can be used. There are a lot of imaginative people out there. Too, with the right idea(s) one can become quite wealthy mining crypto. See for example Here how you can earn income from your OWN Health Data.
Therefore I present another example of how crypto is becoming a part of our fabric. In particular, let’s investigate what NFTs are. I hope that this clarifies at least to a large degree what these tokens are about. What is their purpose and how can they be used to impact your life in a positive way. Also, you can join us in helping people improve their lives while you create a better life for yourself. Get in the Know how NFTs and Health Data can enrich your life.
What Are NFTs
First of all you need to know what a fungible token is. A fungible token is an item or currency like a dollar. It has an equal value somewhere in the world for it. Cryptocurrencies like bitcoin, and many network or utility tokens are fungible in nature. Fungible tokens are divisible and you can be spend them in fractions.
By contrast, the non-fungible token (NFT) is a special type of cryptographic token which represents something unique; non-fungible tokens are thus not interchangeable. They are in fact in the form of regular files — animations, images, texts, tweets, audio. NFTs can be created for too for domain names, certificates, medical reports, festival tickets & much more!
In addition, another difference is that non-fungible tokens must be whole. We describe this as the tokenization of data. Therefore, this is possible for virtually (excuse the pun) any data. Thanks to the internet anyone can obtain images, videos and songs for free. With imagination, some can become valuable as they are tokenized as NFTs.
Why are Some NFTs so Valuable?
It’s interesting that the files (NFTs) mentioned above you can download. Therefore, you can effectively have the same file as all NFTs that have been sold, some for millions of dollars.
Thus, as a comparison, NFTs are similar to owning expensive artwork such as the original Mona Lisa. You could have one of millions of reproductions that don’t have this value. They are not equivalent because the original is traceable to the creator; Leonardo da Vinci. It is this traceability that provides the social prestige of the artwork and heretofore its high monetary value. NFTs are rare by design. Each NFT is unique and acts as a collector’s item that can’t be duplicated,
In the same way as valuable art pieces, NFTs, that are traceable to a unique owner, can become very valuable. Like it says above, they are akin to a one-of-a-kind collectable. They are like the crypto alternative of expensive trading cards. Many types of NFTs can be sold and resold.
And just quickly about the Blockchain. Think about the Blockchain as a large spreadsheet that tracks all of the transactions processed with tokens. These are peer-to-peer transactions with much built in privacy and security. Those transactions cut out the middlemen thereby reducing costs and complications. For more information on the Blockchain you can get details here:
NFTs – Understanding Them
This example may shed some light of what NFTs are.
NBA Top Shot, an NFT platform based on the U.S. basketball league, lets users buy and sell short clips showing match highlights from star players. The NBA ensures that there is a scarcity of these clips. To date, NBA Top Shot has facilitated over $280 million in sales. Thus proof of ownership of virtual items is possible thanks to NFTs and the blockchain.
Data NFTs
Data collections can also have an NFT to prove the ownership of the data. In fact , we have applications you can use to allow you to have an NFT that represents your personal anonymous health data. By using an NFT, therefore, you have total ownership of your data, AND it is securely stored on the Blockchain. As we continue to collect our own health data, and expand the data base, the size and value of the NFT can grow. Get in the know about the Inpersona and Halo Apps – Earn income from your health data that you own.