On this weeks episode of Tech Tuesday, metaverse associate Tyler Ackerman explains what exactly NFT’s are and why they are important in the current market!
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NFT’s are all the buzz these days! But what are they? NFT stands for non-fungible token and let’s start with an example. Take this pictur,e or this painting of Frida Kahlo. I just searched up Frida Kahlo portrait on google and downloaded this picture for free but do I own it? No! Somewhere out there is the original Frida Kahlo piece, the one she laid her hands on and meticulously painted. No matter how hard someone tried, they would never be able to create an exact replica. The indentations would be slightly off, the hues would be ever so slightly different, it just wouldn’t be the same. There’s only one original and it’s probably worth millions. However, when you’re online, it’s not quite the same. Watch this! I just made an exact replica. These two are perfectly identical. If you started watching the video now, you would have no idea what was the original. Now what an NFT will do is basically assign a unique code to your digital asset and when you buy an NFT you’re not only getting the digital asset but you also get this unique code which is basically a certificate of ownership. If some rando were to come along and duplicate or copy or download the asset without paying for it, they would get the asset but they would not get the unique code of ownership. If you’d like to learn more about NFT’s or how Get Real can help you leverage them contact us. I’ve been Tyler from Get Real… thanks for watching!