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robotz
@robothubz
NFTs 101 🧵 • NFT is an acronym for non fungible token. Almost quite literal right, non fungible meaning unexchangeable, making it unique and seperately identifiable and even valued differently
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robotz
@robothubz
• NFTs are blockchain based records that represent unique pieces of media (media can be anything digital, including art, music, code, in-game items, collectibles, memes, videos)
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robotz
@robothubz
• NFTs stored digitally on a blockchain can also be used to represent real life objects, as is the case with Unisocks. Pretty much any digital item can be represented with an NFT
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robotz
@robothubz
• NFT representing a digital and/or physical object has highly trustworthy information about the origin and history of that piece whether digital/physical. This information alone can increase the cultural value of the item be it art, sound, code, video and so on
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robotz
@robothubz
• Also NFTs can have code attached to them to do special things the developer intends for example, code that ensures the original creator receives royalties from secondary sales
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robotz
@robothubz
• NFTs are stored on a blockchain (like Ethereum or Solana) permanently. A blockchain is the same technology that Bitcoin is built on
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robotz
@robothubz
• This new technology (NFT) has introduced into mainstream a new way for artists (NFT artists), patrons, hobbyists, and markets (NFT markets) to interact, share value, and have fun. Creating a whole new wave of cultural adoption and influence. Gm. 🌍
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