Saturday, December 25, 2021

NFT

 BTCs are fungible tokens secured by blockchain technology. They are like cash and represent ownership of BTCs that are all interchangeable.

NFTs are non fungible tokens secured by blockchain technology. They are like receipts of ownership of an asset. The asset can be a right to vote, a copyright, a deed to a house or shares, or ownership of a work of art. 

NFTs can be used by museums to sell ownership of some of their collection, while maintaining the art for public viewing. You can imagine the Louvre raising $500 million by selling their Mona Lisa for 10,000,000 NFTs each priced at $50.  The price includes holding and securing the art. These NFTs can be resold at a different price just like stocks, bonds and shares.   

NFTs can be used as a right to vote. You can be given an NFT as a ballot and vote by redeeming it.  

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