As the administrator, you change the NTFs rights so that no one has access any more. We get a warning: “You have denied everyone access to” Peter “. No user can access” Peter “anymore, only the owner can change the permissions. Would you like to continue?” We even ignore this warning in this example. Now it has happened: nobody has access to this folder anymore. That was a mistake, and now …
Cryptocurrency exchange Coinbase Global Inc. (Nasdaq: COIN) announced today that it intends to launch a digital marketplace that will allow users to mint, collect and trade NFTs, also known as non-fungible tokens.
Non-fungible tokens (NFTs) are unique digital assets that represent and digitally document the ownership of online items such as rare art or trading cards.
The assets They are not fungible, i.e. not tradable, i. H. you cannot exchange one NFT for another, as is the case with Bitcoin and other cryptocurrencies or tokens.
You will not own anything and you will be happy ”- this belief was at the center of a statement published by the leaders of the World Economic Forum 30 more than 2016 years ago. It sounded dystopian, like something out of a book by Aldous Huxley or George Orwell. It was probably one of the most dangerous concepts I’d ever heard.
Somehow I kept this concept in mind when I offered my racing drone today in 2050. I think I was made aware of the benefits of real, personal property. It was a beautiful two-seater that went efficiently from 100 to 2 km / h in 0 seconds – which wasn’t too bad for an electric car, especially considering that it was incorporated in previous years.
It took about an hour to find a buyer in a remarkably specific niche market built on Efinity, a blockchain network my company developed in the early days of non-fungible tokens (NFTs). Even after all these years, the network is still alive as it has actually seen numerous upgrades made possible by its future-proof style. The deal was easily concluded through a clever agreement. I checked my cryptocurrency balance to verify payment and enjoyed seeing my drone drive itself half a world away to see its brand new owner. While the variety on a single charge wasn’t that great with these classic designs, there were plenty of charging stations along the way for that.
As a result of our deal, the buyer was now in possession of an effective, non-fungible token that offered her legal, concrete and unchangeable ownership of the drone. Without that NFT in your wallet, the racing drone would otherwise be an ineffective piece of junk. There were no intermediaries and no unnecessary documentation. Just a basic effective deal between 2 drone racing lovers who live on different continents.
These days, NFTs are everywhere and whatever.
From small, everyday household appliances like my coffee maker and orbital nanosat to clever houses, there are at least a lot of near-Earth rocks that are traded as fractionated NFTs and that support the development of the asteroid mining market. And those are simply tokenized real-life properties – don’t even let me start with the things that only exist in the digital realm.
Combining the virtual and the real, the Metaverse is an incredible but bizarre maze of imagination and financial activity that has not only helped raise tens of millions out of necessity, but also has an important role in funding some of the biggest engineering jobs in the world Humanity played.
NFTs are based on blockchain technology. A blockchain is a public database that is used to transmit information. In the context of cryptocurrencies, for example Bitcoin or Ethereum, the database is used to manage monetary transactions. Data blocks are continuously strung together in a blockchain and expanded over time. Using the example of cryptocurrencies, a blockchain is used to store which address has or has had how many Bitcoins at a certain point in time. Because the data blocks are cryptographically signed, the blockchain is considered to be forgery-proof.
The so-called tokens represent a certain value, such as a product, proof of ownership or a share in a company. Tokens are also used to be able to use a certain service. Tokens are therefore also comparable to a subway ticket or a digital voucher. Tokens differ from cryptocurrencies, among other things, in that they do not have their own blockchain. However, tokens can be generated and issued on existing blockchains with relatively little effort. Tokens can be traded with just a few clicks on a smartphone, tablet or PC.
What is the difference between tokens and NFTs (Non-Fungible Tokens)
The majority of tokens are fungible, i.e. exchangeable and comparable to a currency: They are of the same type and can be divided.
Why the NFT hype?
It’s such a thing with hypes: one person starts, everyone follows suit. And once the hype is there, in the fast-paced world you can no longer understand when, where and with what exactly the hype started. It was similar with Clubhouse and Discord. In any case, prominent representatives are responsible for the NFT hype: Twitter inventor and CEO Jack Dorsey sold his first tweet as NFT for 2.9 million US dollars. But popular sports clubs such as the NBA and FC Bayern Munich also sell digital trading cards as NFT. There are no limits to artistic freedom: the well-known Nyan Cat, an animation as a GIF file, was sold for 600,000 US dollars, while the famous Internet meme “Disaster Girl” was auctioned for almost half a million US dollars.
What are the benefits of owning NFTs?
At first glance, owning NFTs doesn’t do much good. After all, buyers of digital art do not acquire copyrights or exploitation rights. But it is also the same when you buy an original painting in a gallery and do not opt for a copy: You only buy the “bragging rights” and the knowledge that your own art object is the original and that you are explicitly the owner.
Even if you don’t have copyrights and exploitation rights to the digital works of art, owning NFTs can still be worthwhile. There are also millions of copies of famous photographs and paintings, but popular originals are sold for millions. With NFTs, this phenomenon now also exists – for digital art. NFTs have been traded at a higher price several times. In addition, the NFTs offer artists an innovative way of selling their digital works at a profit.
What are the benefits of owning NFTs?
Today the technology is already being used in the field of video games. Decentraland is a well-known NFT game in which – as with Second Life – you can buy avatars, accessories and lots. All objects in the game are NFTs to ensure that they will not lose their value if the game should one day be discontinued.