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RE: Steemit Crypto Academy Contest / S2W4 - What are NFTs. by @drqamu

in SteemitCryptoAcademy2 years ago

NfTs are not replicable and are not interchangeable where as fungible tokens are replicable and interchangeable

Yes, with nfts it can even be demonstrated with the collection. As we know it a collection is made from a single nft and even though this is done. All the nfts come out all different with unique identities.

Opensea is a comprehensive market where all the operations of NFTS are possible

Yep, open sea is the one which is most popular for reasons I actually do not know 🤔.

should keep in mind that the boom In NFTs seen during 2017 has faded in 2022 but craze of NFTs is still alive . So it can be correlated to the changes in crypto market .

I think the markets are always related in a way you know. Since the crypto and stock markets are down bad it seems the nft market has followed thus I think as soon as the crypto market starts to recover we will see the nft market too recover.

NFTs csn be stolen and have been stolen in past.

For me it suprises me how nfts are stolen you know. Apart from the phishing attacks I think platforms should be able to allow customers who want to receive a confirmation code before the transfer of their nfts happen to work. Just like on binance do you actually release your crypto or withdraw you have to input the security code sent through SMS or email.

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 2 years ago 

I think as soon as the crypto market starts to recover we will see the nft market too recover.

You are right .

For me it suprises me how nfts are stolen you know.

As technology advances , hackers make use of same for doing so . It is like Diamond cuts diamond.

Thanks

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