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1. Beginner Course

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  1. 1. What are these cryptocurrencies?
  2. 2. Bitcoin - the story of a technological revolution
  3. 3. Satoshi Nakamoto, who is the creator of Bitcoin?
  4. 4. Vitaly Buterin – the creator of Ethereum
  5. 5. What is blockchain, and how does it work?
  6. 6. What is an NFT token?
  7. 7. What is money?
  8. 8. Cryptocurrencies vs fiat money, which will win?
  9. 9. What is DeFi (Decentralized Finance)?
  10. 10. DeFi: opportunities, advantages and disadvantages of decentralized finance
  11. 11. What is an altcoin?
  12. 12. Stablecoins - What are they?
  13. 13. Cryptocurrency wallet - what is it?
  14. 14. Why do we talk about bull and bear markets?
  15. 15. Security in the crypto market - what rules are worth following?
  16. 16. What is the seed phrase in cryptocurrencies?
  17. 17. Dogecoin and memecoin - what are they?
  18. 18. What is a Ponzi scheme?
  19. 19. What is a Soft and Hard Fork?
  20. 20. Blockchain - examples of use
  21. 21. Is blockchain safe?
  22. 22. What are the types of blockchain networks?
  23. 23. What is blockchain network congestion, and how does it work?
  24. 24. Cryptocurrency wallets: Hot Wallet vs. Cold Wallet - key differences!
  25. 25. Cryptocurrency wallet diversification
  26. 26. Halving Bitcoin - what is it, and how does it affect the price?
  27. 27. Blockchain versus databases: key differences!
  28. 28. How do you transfer cryptocurrencies?
  29. 29. The most important cryptocurrency acronyms/slang you need to know!
  30. 30. The memecoin story: madness or great investment?
  31. 31. What is Ethereum? 
  32. 32. Everything you need to know about gas fees in Ethereum!
  33. 33. Gavin Wood: Blockchain Visionary and Co-Founder of Ethereum
  34. 34. Decentralized Apps – what are they?
  35. 35. What is Proof of Work (PoW) and what is Proof of Stake (PoS)?
  36. 36. What is the Proof of Authority (PoA) consensus mechanism?
  37. 37. What is Proof of Burn (PoB)?
  38. 38. What is a whitepaper? What is its purpose, and how do you write it?
  39. 39. Smart Contracts - what are they?
  40. 40. Know your customer (KYC) and Anti-money laundering (AML) what are they in the cryptocurrency industry?
  41. 41. Blockchain and NFT games - how to make money on them?
  42. 42. Liquidity in the cryptocurrency market
  43. 43. Inflation and its effects on financial markets
  44. 44. What is stagflation and why does it have a negative impact on the market?
  45. 45. What are utility tokens and what use do they have in the cryptocurrency sector?
  46. 46. What is cryptocurrency mining?
  47. 47. What is the mining difficulty?
  48. 48. What is compound interest, and how does it work?
  49. 49. What Are Privacy Coins and Are They Legal?
  50. 50. What is CBDC - central bank digital money?
  51. 51. What is Cryptocurrency Airdrop all about?
  52. 52. Key differences between ICO, IEO and STO
  53. 53. What are decentralized DAO organizations, and how do they work? What are DAO tokens?
  54. 54. What is EURT? How does it work?
  55. 55. What is the difference between Circulating Supply and Total Supply?
  56. 56. Snapshot from the world of cryptocurrencies - what is it?
  57. 57. What is the Fear and Greed index for cryptocurrencies?
  58. 58. APR versus APY: what is the difference?
  59. 59. What is an Initial Farming Offer (IFO)?
  60. 60. What is Regenerative Finance (ReFi)?
  61. 61. Who Is Craig Wright, the Alleged Creator of Bitcoin?
  62. 62. What Is Bitcoin (BTC.D) Dominance?
  63. 63. Michael Saylor, Self-Proclaimed Bitcoin Maximalist
  64. 64. Bitcoin Pizza Day
  65. 65. AI blockchain - a new look into the future?
  66. 66. What is WorldCoin? Everything you need to know about this cryptocurrency!
  67. 67. Azuki NFT collection guide: everything you need to know about it!
  68. 68. The 10 most expensive non-fungible tokens (NFTs) ever!
  69. 69. The Bored Ape Yacht Club (BAYC) - the story of the popular NFT collection!
  70. 70. CyberPunks - the story of the most popular NFT collection in the crypto industry!
  71. 71. NFT Art: The digital art revolution - history and examples!
  72. 72. Who is Changpeng Zhao, CEO of Binance?
  73. 73. Who is Brian Armstrong - CEO of Coinbase?
  74. 74. Who is Galy Gensler and the SEC? How does the Securities and Exchange Commission (SEC) affect the cryptocurrency market?
  75. 75. Web3's most popular social media platforms! Will they replace the platforms we know?
  76. 76. What is IoT - the Internet of Things?
  77. 77. On-chain analysis in the cryptocurrency world: Everything you need to know about It
  78. 78. Can you pass on your cryptocurrencies after death? How do you pass on a cryptocurrency inheritance?
  79. 79. What is the Howey test? What application does it have in cryptocurrencies?
  80. 80. The use of blockchain technology in the world of sport
Lesson 6 of 80
In Progress

6. What is an NFT token?

Non-fungible token is referred to as an NFT. As of recently, the whole world is talking about them, and the popularity rankings are growing, not only in the cryptocurrency -related community. What are they? How are they created? Why are more and more people and companies interested in them and their issuance?  

Will they revolutionize many industries? If you don’t know what: Bored Ape, Beeply, Play to earn are – we invite you to read!

“Non-Fungible Token” (NFT), what does it even mean?

A non-exchangeable good is unique, unrepeatable, and cannot be confused with another thing. Moreover, we cannot split it; it exists in a single copy, and all the information is stored on the Blockchain, so we can verify and know the history of the NFT. 

We can perceive the NFT token as a certificate of authenticity of a digital good attached to it, e.g., an image file. 

Whereas a digital file is already fungible, e.g., an image, video, or audio can be copied and duplicated, but not the cryptographic token serving as their certificate.

NFT was founded in 2014 but reached its popularity in 2017 with CryptoKitties, Rare Pepes, and CryptoPunks. It is a trend that is growing strongly. Many universities are issuing diplomas in the form of NFT to make them tamper- and forgery-proof. Luxury brands, diamond retailers, and thousands of other companies are using Blockchain to certify their products.

What can you sell or buy as an NFT? 

Basically, anything: movies, paintings, texts, or other collectible items. It is not without reason that tokens have gained the most popularity in the gaming industry, by selling and buying unique items, skins, or heroes. As a matter of interest, we will just mention that in 2020, as much as 41% of NFT was used in the gaming industry.  Remember, however, that when you buy an NFT product, you only own it; you are not the author. This is a crucial difference that many people fail to remember.

NFT advantages: 

  1. They eliminate fraud, especially in the eCommerce industry. 
  2. They enable tracking of product data, at every stage of its “life”. 
  3. Furthermore, they facilitate the international sale of digital assets. 
  4. Moreover, they eliminate middlemen. 
  5. NFT transactions are fast, done in real time.

NFT disadvantages:

  1. Not everyone can navigate the digital world and use decentralized applications. 
  2. NFT technology is only a few years old – not everyone trusts it. 
  3. Even though NFT represents assets in the real world, guaranteeing ownership of an asset can be difficult. 
  4. They are not clearly regulated.

Over the past two years, we have seen a large increase in interest in NFT tokens. This ecosystem will continue to grow. People as well as companies will implement this technology, and the opportunities are enormous.

Summary and conclusions:

  • NFT is a non-exchangeable token. In the literature you will also find the terms “exceptional”, “impossible to counterfeit”, “unique”.
  • A token is a mark that identifies / confirms authenticity. As we mentioned earlier, it is a digital certificate.
  • They are related to cryptocurrencies because they are based on blockchain technology. The same one that Bitcoin was built on. 
  • Any physical item can be equipped with an NFT, which unequivocally gives us confidence that we are not dealing with a fake. Therefore, they can be safely traded.
  • NFTs have their five minutes. Recently, their popularity has been constantly growing. We are seeing them more and more often in everyday aspects of our lives. 
  • The process of making NFTs is relatively uncomplicated, even for a layman. It is best to take your first steps into the Ethereum ecosystem.

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