Non Fungible Token
NFTs have the chance to become one of the biggest trends in the crypto space. And that fact is already well established.
You’re lying if you say you have never heard of “Fungible” tokens in the Crypto world! We all have, or at least heard of Non-Fungible Tokens (NFTs). NFTs are in plenty, but interesting projects related to NFTs are almost rare!
When most people think of NFTs…
They instantly think of…
* Expensive Art Pieces
* Out-of-this world avatars
* Games like Axie Infinity
* The collections of animals in costumes
* And so on…
Then soon, news of NFT with sales of millions of dollars.
Yes, you read that right.
NFT has more than what meets the eye.
NFTs are unique! They can’t be traded to something similar.
When you hear the words, you might think, “It’s just another trendish thing going on.” NFT is Non-Fungible! Fungible is a word that describes something that can be easily replaced by something else with the same value. So, for example, if you have five $1 bills, you can exchange them for a single $5 bill, and it still has the same value.
NFTs are more than just digital collectibles or artworks that we can buy and sell today, but they also hold more potential than what meets the eye. They are valuable not only because of their face value or digital representation but also because of their underlying technology called Blockchain, which powers it to make it unique and secure in the marketplace. It uses Blockchain and a decentralized platform that uses smart contracts to interact between users and ensure a fair marketplace.
Individuals, companies, and other organizations are beginning to take notice of the potential that smart contracts on the blockchain have for streamlining business operations. Smart contracts are simply programs stored on a blockchain that run when predetermined conditions are met. They are one of the most important aspects of NFTS. They are typically used to automate the execution of an agreement so that all participants can be immediately certain of the outcome, without an intermediary’s involvement or time loss.
Once a condition is met, the contract is executed immediately. Because smart contracts are digital and automated, there’s no paperwork to process and no time spent reconciling errors that often result from manually filling in documents. Because there’s no third party involved, records of transactions are shared across participants, there’s no need to question whether information has been altered for personal benefit.
They’re like a magical genie in your pocket — but instead of granting three wishes, they can help you save time and money.
Say, for instance, you want to lease a car but don’t want to do the paperwork. You could just program in what you want to Happen Under Certain Conditions (i.e., if you return the car blah blah, etc.) and then let the smart contract execute its obligations as agreed upon by both parties — -all without an intermediary’s involvement or time loss.
So why does this matter? One word: trust! Because smart contracts run on blockchains, there’s no need to trust that someone won’t change any information for their own benefit — because no one can change anything once it’s been set in place!
Once again, NFT is the future of our world. The potential disruption it makes actually provides us with a sense of awe and excitement. And not just of those involved but the world in general. We have made so much advancement in technology- from self-driving cars to artificial intelligence, now it’s time to take a giant leap forward. NFT is paving the way. Are you on your way to being part of this revolution?
So keep grinding and keep your circle tight: research, learn and earn.
And if you’re looking for that one rare impressive NFT project that is more than what meets the eye, Terra Virtua will lead the way.
Learn more about Terra Virtua:
Website — https://terravirtua.io/
Twitter — @Terra_Virtua
Check out our new platform 👉 https://thecapital.io/
NFT Has More Than What Meets The Eye was originally published in The Capital on Medium, where people are continuing the conversation by highlighting and responding to this story.
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