NFT Explained In 5 Minutes | What Is NFT? - Non Fungible Token | NFT Crypto Explained | Simplilearn
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- เผยแพร่เมื่อ 28 พ.ค. 2024
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This video on What is NFTcovers all the important concepts of NFTs like What are NFTs?, What are Non-Fungible Tokens, What is NFT and how it works, 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 What is NFT and how it works?
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 kindby 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 tokenaka 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.
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unique digital signature
Can you help me understand how to create such animated videos ? do you have any course for this ?
Oh, and to answer and “take the quiz”, my answer is: b) Unique digital signature…right?😁
B) unique digital signature
B) unique digital signature ✅
I was hoping for a decent and unbiased explanation, yet I was met with some infomercial on why I should quit my job and start making cat doodles for my retirement fund. We're doomed as a species.
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@@SimplilearnOfficial lol what
@@SimplilearnOfficial what a shitty bot
bruh wtf is this comment
Did...did you watch the same video?
This is probably the most comprehensive and understandable breakdown I've seen. I still don't personally understand why somebody would want to own one of these...
Hey, thank you for appreciating our work. We are glad to have helped. Do check out our other tutorial videos and subscribe to us to stay connected. Cheers :)
a high school student became millionaire off some beluga avatar,.. Why would *she* own one? hmm. just sayin
(But not super-sayin')
Well you haven't watched this then
th-cam.com/video/YQ_xWvX1n9g/w-d-xo.html
Kenny NFTS are gonna dominate the world
@@ayaangarg7941 no they wont
You pay for ownership of your own art. Lmao okay.
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Its always been that way, the middleman gets a slice from the labours of others .....
@@wealthintruth6227 I don't think "it's always been that way" will ever be a good thing to say. Especially as an reply to something that is obviously stupid. So you are saying people always been stupid to pay someone else so you have the rights to what you have done. Lmao good to know lul
@@schmietwechdeschiet4340 Most artists are artists, not sales shills..... they rely on the middleman to hustle and the middleman hustles a piece of the pie.... this has been happening for eons....
@@wealthintruth6227 wierd every artist I know are dead set on their pricing and won't negotiate for even a penny less. Lmao. And changing it to "happening for eons" doesn't change anything. My point about that still stands.
Here's an issue I see with digital art. If you compress it and then re-expand it you might loose quality but you'll also destroy the NFT. Assuming the metadata is destroyed. You could take a photo od a screenshot and the NFT wouldn't be present. So forgeries can be made easily.
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Forgeries can always be made of even real world art. NFT's provide a chain of authentic ownership.
@@mikeniemand9368, yes but does having an NFT authentic ownership serve as any legal recourse on infringement? Does it make sense to pay for something that we cannot actually use as legal protections?
I haven't checked on NTF pricing, but if it's the same cost as a trademark or copyright (actual legal protections), then I'm not seeing the benefit -- especially for digital works that, as Gazza-in-the-usa put it, whereby the metadata is destroyed due to compression and expansion of the digital artwork.
@@Kai-fp3kd Well it will vary from country to country but 'broadly' you have an inherent copyright in any work produced by yourself. NFT's allow you to transfer and prove this ownership. Surely?
@@mikeniemand9368 So then it's main benefit is for the optics?
I could get into it if proceeds of purchasing NTFs circled back to the artists themselves-or better yet-to communities where art supplies and education is underrepresented. Right now, it just seems like a capitalist move, but I get it.
damm mark is a really good friend
Edit:
bruh wtf is up with the replies
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He's friendzoned
@@kiruurself3553 😂
Are you familiar with the Nft space?
@@kiruurself3553 Are you familiar with the Nft space?
It sounds so fascinating yet so incredulous.
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don't worry its just the smell of boolshit
in short, for the collector. that's literally all it is. social status. on the level of having a picture file on your hard drive, NFT is useless. in the case of having a one of a kind item in a video game or MMO, then it seems to be the best case scenario. no one in their right mind would care to own a gift that exists all over the web already. millionaires don't count, they aren't real people.
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What value has 100 dollar bill? Its just 0.0001c wort of paper so why you can exchange it in shop for things w much higher value?Think about it , same thing as nfts.Real worth of some assets is set by community and people who trust it ,not literal value
@@remist can i buy an iphone with an NFT i just made on microsoft paint?
@@thetriwizardchampion9809 sure which one do you want? Turbo pro or turbo pro max
th-cam.com/video/zBYZQnpb1Xo/w-d-xo.html
Thanks this really helps explain what they are. I still don’t understand any real situation why a person would buy an NFT of digital art if you could just see a free copy online, but this video answers the what not that why so thanks!
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@Tubular Tom. Projects ? App? Websites, music, games. What are a farmer? 😂
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NFTs are only good for two things:
1) Bragging to crypto-bros
2) Laundering money
@@Broodwich11 They are perfect for laundering money. Any other usefulness falls under "A sucker is born every minute"
Respect to you man, how you are literally answering everyone's comment down there.
Thanks a ton! Your support makes all the difference 💙
This was a really helpful video for me!! Was looking for an NFT for dummies type video and this was perfect, thank you!
Glad it was helpful!
Wait a sec, I just watched this video...
Are you calling me a dummy?
Yeah wait hold up
👆👆👆👆👆👆👆👆👆👆👆👆👆👆👆For more information messages him, he have helped a lot of people that got scammed..
@@tammyperez6652 are… are you referring to yourself?
Earth desperately needs another meteor to end with this stupidity
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Kim Jong Un might do the job!!
The only one stupid is you because you don't understand this technology
Will the meteor be fungible?
@@cryptic7965 I think he understands it more than you do
Answer is option B). Unique digital Signature makes the item non fungible. This is so because with the help of NFT's we can prove the ownership of the item.
Loving your content. !!!!
"Hello! You're absolutely right!. The answer is B - Unique digital signature is the correct answer.
NFT is a digital asset that represents internet collectibles like art, music, and games with an authentic certificate or unique digital signature created by blockchain technology which makes it one of a kind. Therefore, it cannot be exchanged nor can it be distributed publicly."
Thank you so much for this explanation! It really helped!
Glad it helped!
Hello 👋
How are you doing?
So it’s just like owning something in real life, but it’s all on the computer....you just can’t touch it or hang it up....sounds pointless to me. I’ll stick to tangible things thank you.
Yeah, that's how I see - but there must surely be more to it than that.
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@@SimplilearnOfficial shut up
You are missing the point. It's to secure ownership. Say you purchased a Picasso from a standard art auction house. They would give you a standard bill of sale in paper form. And let's say in addition to that paper bill of sale, they create a NFT which holds the same information as your paper bill of sale, except now it's immutably notated on the blockchain. Now let's say that sometime down the road there was a dispute about the originality of your painting because some guy auctioned off a counterfeit painting with a counterfeit bill of sale from the same auction house that you bought yours from. That issue could be promptly solved because you have the NFT, that's been written to the blockchain. Case closed. That's just one simple case of NFT use.
@@eldodiaz1863 I take a picture from google and make ntf to make it mine.
Thank you so much for this video; cant wait to learn more from you
Glad it was helpful!
Hello 👋
Thank you for explaining this in terms and examples I can understand!!!
Glad it was helpful!
Hello 👋
Nice to meet you how are you doing?
Thank you for extra ordinary explanation 💜
You are so welcome!
Hello 👋
Thanks for that insightful break down
Glad it was helpful!
Hello 👋
Thanks for this astonishing explanation about NFT...
Great explainer! Thank you for putting a complicated concept into simple words.
Glad it was helpful!
Answer: B!
And thank you so much for the video! My sister is an artist and I'm excited for her
"Hello! You're absolutely right!. The answer is B - Unique digital signature is the correct answer.
NFT is a digital asset that represents internet collectibles like art, music, and games with an authentic certificate or unique digital signature created by blockchain technology which makes it one of a kind. Therefore, it cannot be exchanged nor can it be distributed publicly."
Hello
Unique digital Signature is answer.
Overall nice video!
"Hello! You're absolutely right!. The answer is B - Unique digital signature is the correct answer.
NFT is a digital asset that represents internet collectibles like art, music, and games with an authentic certificate or unique digital signature created by blockchain technology which makes it one of a kind. Therefore, it cannot be exchanged nor can it be distributed publicly."
Great way to explain NFTs. Thank you for your wonderful work 👍
Glad you liked it!
They always say its “Yours” Just screenshot the art and it will be yours 😆
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Hello 👋
@@CalvinSmith-fr7pf nice pfp 📸
B. Unique Digital Signature. Great video!
"Hello! You're absolutely right!. The answer is B - Unique digital signature is the correct answer.
NFT is a digital asset that represents internet collectibles like art, music, and games with an authentic certificate or unique digital signature created by blockchain technology which makes it one of a kind. Therefore, it cannot be exchanged nor can it be distributed publicly."
Thank you for the knowledge and understanding you have
shared. The simplicity of the presentation, content vastness and clarity is worth appreciation and commendation. Thank you
Glad it was helpful!
Hello 👋
How are you doing?
I have learned from this video, I have been earning from NFT, ask for more Info if you are interested to start up with your NFT market
Thanks! This video really helped me.
You're welcome!
Unique digital signature ....
& best way to explain nfts
Hello! You're absolutely right!. The answer is B - Unique digital signature is the correct answer.
NFT is a digital asset that represents internet collectibles like art, music, and games with an authentic certificate or unique digital signature created by blockchain technology which makes it one of a kind. Therefore, it cannot be exchanged nor can it be distributed publicly.
So let me get this straight. It's a virtual patent with no legal protection other than it's authenticity based on computer code or whatever and the only value it has is what other people see in it?
I’m other words, it’s art that isn’t legally protected
Yeah, stupid isn't it?
NFTs are also subject to piracy by China. Just wait til the Chinese sell similar NFTs to competitors at a lower price.
"No, NFT is a digital form of an artwork with an authentic certificate created by blockchain technology that underlies Cryptocurrency. Now this certificate validates its ownership and authenticity. and this makes it secure to any kind of malicious act like forgery or manipulation. These certificates store valuable information in them. Therefore, its unique data makes it easy to verify and validate their ownership and the transfer of tokens between owners and you don't need any type of external protection to make it secure.
"
Liam but people would be able to see it is a copy because of the blockchain
Amazing video..nice explanation. Thanks for Sharing with us.
Glad you liked it!
Hello 👋
How are you doing?
Tysm For Showing What Is NFTs Are I Didn't Really Know What They Are But I'm Glad You Showed Them Thank You Again ☺️
You are so welcome!
Hello 👋
This was very helpful 🙏🏾🙏🏾
Glad it was helpful!
Great video. Now I know what an NFT is!
Glad it was helpful!
Hello 👋
Hello 👋
Answer B: Unique Digital Signature!
Thanks for this information shared about NFTs.
"Hello! You're absolutely right!. The answer is B - Unique digital signature is the correct answer.
NFT is a digital asset that represents internet collectibles like art, music, and games with an authentic certificate or unique digital signature created by blockchain technology which makes it one of a kind. Therefore, it cannot be exchanged nor can it be distributed publicly."
That can be beaten with a screenshot.
Hello
B) Unique digital signature! If you thik about it carefully, definitely, today's technology easily can help you in many cases to take what others considered as untouchable, I'm sure that NFTs are an excelent safety tool, for the next few years!
"Hello! You're absolutely right!. The answer is B - Unique digital signature is the correct answer.
NFT is a digital asset that represents internet collectibles like art, music, and games with an authentic certificate or unique digital signature created by blockchain technology which makes it one of a kind. Therefore, it cannot be exchanged nor can it be distributed publicly."
Thanks for the simplified definition.
Glad it was helpful!
Fascinating how the internet developed to the point of hyper-monetization: monetize everything physical and virtual. Linking real money to lines of code. Generating money from mathematical calculation. Giving real monetary value to "digital art". The world of finance and its endless innovations. I'm really curious to see how up the numbers will go
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You know, I started to notice that more and more. I have a few things that are monetize, but I think I'm going to do it the old school way and try to incorporate a few new age styles of making money online. I don't know, it's hard to fit in anywhere right now, especially how things are shifting very quickly, and I really don't know how to gauge life entirely. Also this video made me feel extra stupid, because I did not know Jack squat what any of this is! I'm still waiting for watered-down version of this explanation, especially since I'm not strong with technology, finance, or advanced coding.
@@xRegenQueenx I totally am on the same level as you
The answer is Unique digital signature
But seriously, I need more of a lay man explanation of NFT
"Hello! You're absolutely right!. The answer is B - Unique digital signature is the correct answer.
NFT is a digital asset that represents internet collectibles like art, music, and games with an authentic certificate or unique digital signature created by blockchain technology which makes it one of a kind. Therefore, it cannot be exchanged nor can it be distributed publicly."
Hello 👋
@@SimplilearnOfficial I agree with you 💯
Thank God for your quick easy to understand video.
Glad it was helpful!
Hello 👋
How are you doing ?
thanks for keeping this simple!
Hello thank you for watching our video .We are glad that we could help you in your learning !
Hello
I still don't understand it
Hello
Just look it as a digital ownership based on blockchain and smart contracts
It's stupid
The explanation I have gotten so far thanks alot
You are welcome!
Hello 👋
Cool to see how you really only talk about how great it is .... not at all explore what can happen when things go wrong or what that could mean for the future and such
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Hello
Question for all the cyber experts on here: so does the exchange of NFT assets also means the original owner also gives up their "private key" to the new owner when they sell an original item online?
This is a great technological solution to a problem that effects a few people, thank you!
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Please show me where the solution was
How does this get rid of screen shots?
if only you knew.
Agree. Basically someone invented a unique 'sticker' and wants to stick the sticker to everything they can and then try and upsell it as if the sticker adds value. Seriously, it's a scam until someone actually shows it's real utility. Using it as a watermark for a legally signed document is probably the only use case and Docusign already owns that IP.
Thanks for explaining!
Happy to help!
Hello 👋
awesome explanation. thank you
Glad it was helpful!
ethash and scrypt are algorithms. the programming language used is solidity.
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Thanks this really helps explain what they are. I need this since I got interested in joining Listen token where as a token holder soon, I'll be able to get access to rare celebrities NFTs
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How are you doing?
Thank you for simplifying for something like me, who is new & learning about the crypto world!
WooHoo! We are so happy you love our videos. Please do keep checking back in. We put up new videos every day on all your favourite topics Have a good day!
This was a good collective ideas in NFT, I have bought the OJX coin recently.
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Great Breakdown!! I'm Taking Notes 📝 😅
Glad it was helpful!
How are you doing? How
*Amazing content. You are still the best! It's been a year since I found ways to improve my finances and by working with a recognized professional, I was able to achieve financial independence. I have to say this; “As long as you have determination and work hard, you can achieve anything you set your mind to.”*
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Very well explained!!!
Glad it was helpful!
Hello 👋
This is totally the most understandable and comprehensive platform I have seen, NFTs is simple to comprehend.
Thanks a ton! Your support makes all the difference 💙
Yes it’s so complicated but I get it now thanks to this TH-cam video haha.
Happy to help!
Oh do you?
Someone has just proposed me $7500 for 1 peace of my Art if I put it in NFT...
It smells fishy and I still can't figure out why...
That made things clearer, however this is VERY exploitable and doesn't help freelancer artists at all
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Hello
Thanks for sharing bro
We want more videos like this.....
WooHoo! We are so happy you love our videos. Please do keep checking back in. We put up new videos every day on all your favourite topics Have a good day!
Thank you for making sense on NFT, what they are and what their intention purpose is.
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@@SimplilearnOfficial hello
Thanks for this video... And the answer to your question, its "b) Unique digital signature". :)
"Hello! You're absolutely right!. The answer is B - Unique digital signature is the correct answer.
NFT is a digital asset that represents internet collectibles like art, music, and games with an authentic certificate or unique digital signature created by blockchain technology which makes it one of a kind. Therefore, it cannot be exchanged nor can it be distributed publicly."
Hello 👋
For more clarifing, if you buy a nft artwork, the ownership of the NFT link is yours but the intelectual property of the artwork is still belong to the artist unless they never claim intelectual property or sold it.
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And if you screen shot it what then?
@@laraycrenshaw5908 you can claim it as yours and piss off the real owner (cough cough cough twitter cough cough cough)
@@yoniment I mean you can use it all you want. Ain't no one gonna stop you.
@@laraycrenshaw5908 Well you have the image but don't really own it on the blockchain so it's not really useful
Thank you!
You're welcome!
Thanks for information
I just learned about "all my apes gone" and I assumed NFT's were about buying useless files in the hopes that you can sell them later to some other dude who is both richer and more stupid than you. I still think I'm not far off.
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That's basically what it is. Rich guys get influencers to promote their NFTs and Crypto. Their followers invest and drive up the price, the owners then sell off their assets and the value tanks. Leaving the followers/investors with nothing and the rich guys and influancers make money.
Let's appreciate this quality video
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Hello
thanks for the video, so the basic idea is to take the gold and substitute it with Monopoly dollar bills
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Hello
thanks man like you helped alot you explain it in an amazing way
You're welcome!
@@SimplilearnOfficial
B is the answer - Unique Digital Signature. Thanks for the great video!
"Hello! You're absolutely right!. The answer is B - Unique digital signature is the correct answer.
NFT is a digital asset that represents internet collectibles like art, music, and games with an authentic certificate or unique digital signature created by blockchain technology which makes it one of a kind. Therefore, it cannot be exchanged nor can it be distributed publicly."
Hello
I believe the answer is (a)Exchangeability for the question at end
"Sorry, The correct answer is B - Unique digital signature is the correct answer.
NFT is a digital asset that represents internet collectibles like art, music, and games with an authentic certificate or unique digital signature created by blockchain technology which makes it one of a kind. Therefore, it cannot be exchanged nor can it be distributed publicly."
@@SimplilearnOfficial yeah agreed. But, your question was what makes an item "non-fungible" not what makes an item an NFT (non-fungible token). In my opinion a unique digital signature does not make an item non-fungible, an item becomes non-fungible due to the emotions we attach to it.
Hello
Absolutely amazing video
Thank you very much!
This would really inspire beginners
Thank you for the appreciation. You can check our videos related to various technologies and subscribe to our channel to stay updated with all the trending technologies.
Great content now I know what NFT is. Good thing I was able to see or watch this video it really help me
Glad it helped!
Hello 👋
How are you doing?
Right click save as
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This is absolutely amazing
Art meeting finance...interesting n exciting concept 👍
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Hello
So what I understood is, Being a Music producer I can create music and should pay some party to get NFT for that creation and now typically it would be generated from my digital file (WAV/MP3). So here is the problem then, What if someone use the same tune but completely rearrange the music. I think, NFT will not help here to claim the ownership?
So the benefit will be, if I can tell people that, that this is the tune copied from my work and here is the NFT for my original work which produced before this one.. Looks like I am living in some other Universe :D
Anyways but, Thanks SimpliLearn for insightful video.
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the problem is the NFT is most likely not going to work the way people might think. I am not convinced NFT is something people actually need.
I was thinking this too. music is automatically your property for 75years, wheras images and designs, you have to pay for copyright, depending on country. the video makes it seem like its good to get NFTs, but i've yet to see a bennefit.
the best ways to ensure your music rights still, is to save all music projects to an online storage service, this will keep the dates of all things created. or as im sure your aware, save your projects onto a usb and post it to yourself via special delivery and dont open it.
I feel like im missing something with NFTs to see the point.
Hello
Everyone is walking.
But you must see the way.
Have the courage to choose your path even if no one is walking on it! 💖🙏
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Hello
good explanation. thanks
You are welcome!
Hello
It is a Very important video. Video is so nice. I like THIS video.
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Due to the fact that it's linked to crypto I find that really it's a desperate attempt to keep crypto alive and hyped. NFTs generates no objective value and are a waste of computer processing.
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Hello
thanks for the explanation. Now I can explain why I hate it!
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Unique digital signature ❤️
"Hello! You're absolutely right!. The answer is B - Unique digital signature is the correct answer.
NFT is a digital asset that represents internet collectibles like art, music, and games with an authentic certificate or unique digital signature created by blockchain technology which makes it one of a kind. Therefore, it cannot be exchanged nor can it be distributed publicly."
very informative thank you
Glad it was helpful!
Hello 👋
Fabulous info. Concise and informative. Thanks for sharing.
To the makers of these videos: please include people of color for your graphics instead of just caucasians. Your audience is diverse and the market expands to more than just caucasians. The message of exclusively caucasian graphics is as outdated as racism itself.
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Does not bother me. Just cartoon figures.
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Hello how are you doing?
Fun Fact: Artworks in Louvre is actually IRL NFT’s
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Ok thanks this will help me in future
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BEST EXPLANATION I'VE HEARD YET!! Great simple teaching!!
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Finally, I understand a little more!
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Give me a break, still trying to wrap my head around CRYPTO currency haha
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Good explanation. Makes me want to dive deeper hmmmm🤔
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The Answer is B I believe. What makes an item non-fungible, is the Unique digital signature that is secured to a specific item. It cant be interchangeable. It can be copied, but it will remain without authenticity.
Hello! You're absolutely right!. The answer is B - Unique digital signature is the correct answer.
NFT is a digital asset that represents internet collectibles like art, music, and games with an authentic certificate or unique digital signature created by blockchain technology which makes it one of a kind. Therefore, it cannot be exchanged nor can it be distributed publicly.
MY GOD where was this 10 20 30 years ago, sure would of saved a lot of lawyers fees for the business. WOW love all the new tech the your people are coming up with. INOVATIVE
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Hello 👋
Hello 👋 are
Crypto growth is absolutely the craziest I've ve ever witnessed! I have always hoped to invest in crypto fore one day but the thought of doing so without enough knowledge of the Bitcoin market makes the whole thing less attractive can't afford to lose any money in this pandemic period
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How are you doing?
its all a huge hoax
Excellent explanation ⭐️
Glad it was helpful!
thank u for thorough explanation
Glad it was helpful!
Hello 👋
The overly priced art world is a form of tax evasion. This is just another way to buy art. That one guy bought 63 million dollars worth of NFT. You don’t honestly think that’s because he really loves digital artwork lol
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@@SimplilearnOfficial dude is this just a chain you send to everyone?
What I was thinking as well. It’s like all the rappers gifting other rappers Lamborghini’s and shit
100% Art and “Foundations” are two massive tax evasion avenues the uber wealthy take.
Its like buying a star… really you’re just buying a certificate. Nothing about NFT means anything.
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You’re welcome.
Very Educational video
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I still don’t understand what the benefits are compared to traditional systems of ownership, copyright, authentication and sales.
There are utility nfts and I would advise you look at nfts with an investor’s eye not as something you buy and just keep, I’ve made a fortune off nft sales and I didn’t need to create my own to do so
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