NFT Explained

NFT explained without any buzzwords, jargon and technical gibberish. Just facts in plain English.

If you ended up here, you must have heard about bitcoin and cryptocurrency at least. You may even ended up investing or trading some crypto assets. As bitcoin price has sky-rocked again (at the time of writing the article 1 BTC is worth almost 62k USD!) it’s really hard to not see any headlines about bitcoin.

This article is intended for all audiences. You may know nothing about crypto literally yet after reading this article you will understand some basic concepts. You don’t need to have a degree in cryptography to answer what NFT is!

Just for the sake of completeness let’s just recap some basic knowledge: bitcoin is a digital currency that uses the process of mining (calculating cryptographic numbers, called hashes, used to verify and sign transactions). Miners use software and hardware to perform the calculations and are rewarded with bitcoins that can be exchanged for other currencies, products or services.

Blockchain is a decentralised, distributed network of verified transactions (blocks). These are chained together using cryptography, which makes alterations of data impossible.

BTC stands for bitcoin obviously and is the most popular cryptocurrency. There are may more digital currencies nowadays.

Ethereum is the second most popular cryptocurrency. Well, in fact, Ether is the currency and Ethereum is the blockchain. ETH is the acronym for Ether and the big difference between bitcoin and ethereum is that the latter allows creating and exchanging NFTs. But what is NFT?

NFT stands for Non-Fungible Token. We have deciphered the acronym but what does it really mean?

NFT is basically a unique data that can’t be altered. We cannot change NFT but we can still sell it to someone else.

It’s a relatively new concept in the crypto world but it’s getting more and more interest and media coverage.

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