Konubinix' opinionated web of thoughts

Non-Fungible Token

Fleeting

Non-fungible token.

Tokens are usually fungible. In concrete terms, this implies that they need at least to be implemented with a map “address” -> “amount”.

On the other hand, NFT are non fungible. You own the item as a whole or you don’t. There is no amount to take into account. In concrete terms, they need to be implemented at least using a single “address” owner.

In generally, they are associated to some data whose ownership they assert. The link to the data must be immutable for the NFT to make sense (the possibility of a 404 not found result would make the association NFT -> data meaningless), therefore filecoin is a perfect candidate to store the data associated to some NFT.

quote

A non-fungible token (NFT) is a unit of data stored on a blockchain (a digital ledger) which can represent a unique digital item like art

https://en.wikipedia.org/wiki/Non-fungible_token

NFTs can be used to commodify digital creations, such as digital art, video game items, and music files.

https://en.wikipedia.org/wiki/Non-fungible_token

NFTs are one-of-a-kind

https://www.latimes.com/business/technology/story/2021-03-11/nft-explainer-crypto-trading-collectible

The NFT file doesn’t contain the digital piece of art, or the video clip, or the Shatner card itself. It’s just a kind of contract, saying “the owner of this NFT owns this other digital file,” often with a link to the art file itself

https://www.latimes.com/business/technology/story/2021-03-11/nft-explainer-crypto-trading-collectible

all they really are are one-of-a-kind bits of code with a verifiable chain of title attached.

https://www.latimes.com/business/technology/story/2021-03-11/nft-explainer-crypto-trading-collectible

Instead of relying on forensics or patchy document records to prove that a piece of art or a trading card is the real deal, the authentication is coded into the NFT file itself

https://www.latimes.com/business/technology/story/2021-03-11/nft-explainer-crypto-trading-collectible

All an NFT does is authenticate and record the provenance of the NFT itself, as with a limited-edition reproduction of a photograph

https://www.latimes.com/business/technology/story/2021-03-11/nft-explainer-crypto-trading-collectible

when the art object attached to the NFT is freely available, there’s no inherent reason why it would have any value at all

https://www.latimes.com/business/technology/story/2021-03-11/nft-explainer-crypto-trading-collectible

an asset class they became, like fine art, more attractive to investors and speculators looking for a store of value and potential returns

https://www.latimes.com/business/technology/story/2021-03-11/nft-explainer-crypto-trading-collectible

If you wanted, you could try selling an NFT for the moon

https://www.latimes.com/business/technology/story/2021-03-11/nft-explainer-crypto-trading-collectible

Notes linking here