WHAT'S AN NFT?
Non - Fungible Token
This means it is not something that can be interchanged. Money is a fungible asset, there are different ways to make the same value. Whereas with NFT's, this is not the case, there can only be one version of an NFT, like a painting. NFTs allow the concept of ownership to be applied to digital assets. When you buy an NFT, you have the official ownership of that NFT. You can then display this NFT online to share it with the NFT community in the metaverse for instance your ownership can be verified through your cypto wallet. Your NFT can also be display in the physical world with TokenFrame for instance.
The metaverse is the embodied internet where you are in the experience rather than viewing it on a screen. Augmented and virtual reality technology has allowed developers to create 3D online persistent environments. Users can play games, socialise or even work in these environments. NFTs are a core concept within the metaverse as they allow its inhabitants to own and display assets within this virtual world.
What's the Metaverse?
What's a Smart Contract?
A smart contract is a computer program stored on a blockchain. It is a self-executing program that runs when deliberate conditions are met. These conditions are agreed upon beforehand by creators of the contract. It is important to know that once a smart contract is executed, it is irreversible. Smart contracts permit trusted transactions to be carried out among anonymous parties without the need for a central authority.