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How to buy BEST NFT (LeBron James / Cryptokitties)

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What is NFT? How does NFT work? What can you buy with NFT cryptocurrency? What should you know about non-fungible tokens and nft art? NFT explained watch in this video

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“Non-fungible” token more or less means that it’s unique and can’t be replaced with something else. For example, a bitcoin is fungible — trade one for another bitcoin, and you’ll have exactly the same thing. A one-of-a-kind trading card, however, is non-fungible. If you traded it for a different card, you’d have something completely different.

How NFTs work?
At a very high level, most NFTs are part of the Ethereum blockchain. Ethereum is a cryptocurrency, like bitcoin or dogecoin, but its blockchain also supports these NFTs, which store extra information that makes them work differently from, say, an ETH coin. It is worth noting that other blockchains can implement their own versions of NFTs.

Traditional works of art such as paintings are valuable because they are one of a kind. But digital files can be easily and endlessly duplicated. With NFTs, artwork can be “tokenized” to create a digital certificate of ownership that can be bought and sold. As with crypto-currency, a record of who owns what is stored on a shared ledger known as the blockchain. The records cannot be forged because the ledger is maintained by thousands of computers around the world. NFTs can also contain smart contracts that may give the artist, for example, a cut of any future sale of the token.

There are some special properties of NFTs: Each token minted has a unique identifier. They’re not directly interchangeable with other tokens 1:1. For example, 1 ETH is exactly the same as another ETH. This isn’t the case with NFTs.Each token has an owner and this information is easily verifiable. They live on Ethereum and can be bought and sold on any Ethereum-based NFT market.
In other words, if you own an NFT project: You can easily prove you own it. No one can manipulate it in any way. You can sell it, and in some cases, this will earn the original creator resale royalties. Or, you can hold it forever, resting comfortably knowing your asset is secured by your wallet on Ethereum.
And if you create an NFT art: You can easily prove you’re the creator. You determine the scarcity. You can earn royalties every time it’s sold. You can sell it on any NFT market or peer-to-peer. You’re not locked into any platform and you don’t need anyone to intermediate. During the next couple of minutes, I will tell you the main use of NTF tokens.

NFTs become more sophisticated and are integrated within financial infrastructure, it may become possible to implement the same concept of tokenized pieces of land, differing in value and location, in the physical world.The NFTs are getting more advanced and complex. Currently, many companies are working on utilizing NFTs to create blockchain-based video games, which could make Non-Fungible Tokens even more popular.

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*None of this is meant to be construed as investment advice, it’s for entertainment purposes only. Links above include affiliate commission or referrals. I’m part of an affiliate network and I receive compensation from partner websites. The video is accurate as of the posting date but may not be accurate in the future.

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