What the heck is an NFT?

Doin' the Thing Podcast

Today Jason and Phil explore NFT’s together. Please know this is not investment advice, but a high level educational episode to help others (and ourselves) understand what this strange expensive digital concept actually is! Show notes are below: The total market capitalization of crypto and NFT's is 1.4 trillion dollars - jp morgan and Bank of America are creating their own financial teams on this Forbes definition of an NFT: Most simply, an NFT is an entry on a blockchain, the same decentralized digital ledger technology that underlies cryptocurrencies like bitcoin. But unlike most bitcoin–which is fungible, meaning that one coin is essentially indistinguishable from another and equivalent in value–tokens on these blockchains are non-fungible. Block Chain : A blockchain is a distributed database that is shared among the nodes of a computer network. As a database, a blockchain stores information electronically in digital format. Blockchains are best known for their crucial role in cryptocurrency systems, such as Bitcoin, for maintaining a secure and decentralized record of transactions. One key difference between a typical database and a blockchain is how the data is structured. A blockchain collects information together in groups, known as blocks, that hold sets of information. Blocks have certain storage capacities and, when filled, are closed and linked to the previously filled block, forming a chain of data known as the blockchain. All new information that follows that freshly added block is compiled into a newly formed block that will then also be added to the chain once filled. Etherium: Ethereum is a decentralized, open-source blockchain with smart contract functionality. Ether is the native cryptocurrency of the platform. Amongst cryptocurrencies, Ether is second only to Bitcoin in market capitalization. Ethereum was conceived in 2013 by programmer Vitalik Buterin. A cryptocurrency wallet is a device, physical medium, program or a service which stores the public and/or private keys for cryptocurrency transactions. In addition to this basic function of storing the keys, a cryptocurrency wallet more often also offers the functionality of encrypting and/or signing information. How do I buy an NFT? Buy etherium and set it up in your wallet, which you can do through an app called coinbase. From there you can go to the NFT market places, theres a few of them, but the most popular is open sea Can I make my own NFT? --- Send in a voice message: https://podcasters.spotify.com/pod/show/dointhething/message