RE: Steemit Crypto Academy Contest / S2W4 - What are NFTs? by @janeo42.
in the real world, items like boats, cars, and a Mona Lisa painting fall under this category because they are not interchangeable, divisible, as they are unique and one of a kind.
Yea, this is an easy definition. We can also say that there are numerous cars but the same key cannot open or drive them. This shows that they are similar but very different on the blockchain.
Two artists that are digitally inclined created Crypto Punks which became available to the public in 2017
NFTs date back as far as 2014, it was first created by 2 men. One of the men actually used a video of his wife as an NFT. And it was later sold for less than 10 dollars in 2015.
Any NFT that is to be bought or sold will either take play at a flat rate or it would undergo an auction proceedings
Yes, this is where the direct buy and bidding comes in. In the direct buy a user can directly buy from the owner of the nft by paying tha floor price of the nft. But in the bidding users will have to bid morethan each other so that the owners sells the nft to the highest bidder.
This is very true! As long as the cars have different keys to start them, they become non fungible automatically.
Wow! Wasn't aware of this, I only knew about colored coins that was used in the Bitcoin blockchain. Thanks for sharing.
Hmm... Just getting to fully understand what floor price actually meant and the process of auctioning.
Thanks for going through my post, it's an honor.