NFT Explained In 5 Minutes | What Is NFT? – Non Fungible Token | NFT Crypto Explained | Simplilearn



This video on “What is NFT” covers all the important concepts of NFTs like What are NFTs?, What are Non-Fungible Tokens, how do NFTs work, how are NFTs different from other cryptocurrencies working in the same Blockchain Technology, how NFT became so popular and what future NFTs hold for the world’s economic system.

Don’t forget to take the quiz at 03:47!

00:00 What are NFTs?
01:39 How do NFTs work?
02:09 How are NFTs different from other cryptocurrencies like Ethereum and Bitcoin?
03:05 How did NFTs become so popular?
04:05 Future of NFTs


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#NFT #WhatIsNFT #NFTExplained #NFTCryptoExplained #NFTCryptoForBeginners #NonFungibleTokens #WhatAreNonFungibleTokens #NonFungibleTokensExplained #NonFungibleTokensExplainedSimply #NFTExplanation #Simplilearn

What is NFT? – Non-Fungible Token
NFTs turn your digital assets into “”one of a kind”” by creating a unique digital signature that defines the ownership of your assets and that can be bought and sold for real money, cryptocurrency or any other asset like a “”non-fungible token”” aka NFT.

NFT basically creates a blockchain-based digital certificate for your digital collectables, including games, music, art, and many more. This certificate gives your artwork a unique identity. The Underlying technology and the programming language used by NFTs are the same as other cryptocurrencies ie. Blockchain and the programming language Ethash or Scrypt. On the other hand, NFT is a unique token; therefore, if you try to trade it, you may end up with something completely different in your hands. Cryptopunks is a remarkable example of NFT, it enables you to buy, sell and store 10,000 collectables with the proof-of-ownership being stored on the Ethereum Blockchain.

NFT has proved itself to be a boon in the lives of many others – like Jack Dorsey, the CEO and co-founder of Twitter with his very first and famous tweet, “just setting up my twitter,” and Vignesh Sundaresan, famously known as “Metakovan,” who bought 69.3 million dollars worth of NFT art on Beeple. Owing to its increasing popularity, people are now willing to pay hundreds of thousands of dollars for NFTs.

NFT has enhanced media exposure and special perks for aspiring artists on social media. This popularity of NFT creates new opportunities for new art platforms, motivating people to buy art from internet platforms and promoting copyright or originality of digital assets. Many experts in the crypto industry say that around 40% of new crypto users will use NFTs as their entry point. As a result of its growing popularity, NFT could represent a more significant part of the digital economy in the future.

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42 thoughts on “NFT Explained In 5 Minutes | What Is NFT? – Non Fungible Token | NFT Crypto Explained | Simplilearn

  • January 14, 2022 at 7:18 am
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    what about gas fees to buy NFT? some tubers talking about 100$ for each transaction I didnt get that part.

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  • January 14, 2022 at 7:18 am
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    Unique digital signature

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  • January 14, 2022 at 7:18 am
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    I'm Susan. And I still don't understand.

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  • January 14, 2022 at 7:18 am
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    B) Unique Digital Signature

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  • January 14, 2022 at 7:18 am
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    Unique digital signature

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  • January 14, 2022 at 7:18 am
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    1:10. "Even if it's copied it won't be authentic"

    so? If I want to steal/copy a piece of digital art but it's not "authentic" what's the real difference? The consensus by a majority that say it's not the original? Am I missing something?

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  • January 14, 2022 at 7:18 am
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    “If I believe in NFT and you believe in NFT then we can get them to believe in NFT and we’ll make all the fucking money”

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  • January 14, 2022 at 7:18 am
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    I like the real world.

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  • January 14, 2022 at 7:18 am
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    i still dont get it

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  • January 14, 2022 at 7:18 am
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    Great I still dont know what it is..

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  • January 14, 2022 at 7:18 am
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    So kids, wanna a scam

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  • January 14, 2022 at 7:18 am
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    It seems like NFT was created by an incredibly naive and out of touch person

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  • January 14, 2022 at 7:18 am
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    Fun Fact: Artworks in Louvre is actually IRL NFT’s

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  • January 14, 2022 at 7:18 am
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    I still don't get what an NFT is after watching this

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  • January 14, 2022 at 7:18 am
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    Can’t you copy it and not worry about a certificate if you don’t want to sell it?

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  • January 14, 2022 at 7:18 am
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    In other words, you better be buying ETHEREUM!

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  • January 14, 2022 at 7:18 am
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    so basically its a trading card game but with no game attached

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  • January 14, 2022 at 7:18 am
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    NFT can KMA !

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  • January 14, 2022 at 7:18 am
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    The damn bot in the comments is driving me wild. Let's see if it responds to this comment.

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  • January 14, 2022 at 7:18 am
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    A non fungible token like MONALISA has value because it is only one in the wolrd
    Imagine that you make a milion copyes of monalisa and give them an unique serial number,then the value of of monalisa would drop significantly …….not like today NFT's whom are soaring in price 🤣🤣🤣🤣
    In my opinion if you had a milion monalisa you can wipe your ass with them.
    The ony value that monalisa has … it's that is unique

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  • January 14, 2022 at 7:18 am
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    So basically, another way for the middleman to get richer.

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  • January 14, 2022 at 7:18 am
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    (c)unique digital signature

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  • January 14, 2022 at 7:18 am
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    You are and IDIOT!!!
    It NEVER helps at all!!! 😡

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  • January 14, 2022 at 7:18 am
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    Very well explained!!!

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  • January 14, 2022 at 7:18 am
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    “You will own nothing and you will be happy” there will be no more ownership of physical things only virtual. Good for ruling class and bad for sheep

    Reply
  • January 14, 2022 at 7:18 am
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    This is so dumb wtf

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  • January 14, 2022 at 7:18 am
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    Digital art is pixels on a screen…

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  • January 14, 2022 at 7:18 am
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    B is the answer

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  • January 14, 2022 at 7:18 am
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    The answer is B

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  • January 14, 2022 at 7:18 am
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    I own copies of susan paintings and can see them anytime I want I dont care why they are not originals

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  • January 14, 2022 at 7:18 am
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    And what about digital and audio the video concert will video and video concepts ever become an opportunities will I ever be able to digitally turn my video my rare One of a kind video internet connection and be able to put it on the marketplace and gifts or gifts will they be able to be digitally placed on a digital marketplace through an FTS and what about news outlets when they get a hold of this

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  • January 14, 2022 at 7:18 am
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    But here's the thing what if my original heart was stolen I converted into an nft which blocks the original owner from its own ownership and what is me and someone else has similar art both turned into nfgs what then

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  • January 14, 2022 at 7:18 am
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    Thanks for explaining!

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  • January 14, 2022 at 7:18 am
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    So, it's middle man business, worst than piracy/forgery 😅

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  • January 14, 2022 at 7:18 am
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    I have many art work to sell buh I haven’t know what this nfts is

    Reply

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