Blockchain DevBlog #5 — NFT’s for dummies 101
Hello commanders!
Some of you may be blockchain experts while others may be new to this whole world, and I think it is a good moment to learn about this growing technology about the basics on blockchain.
This week I’ll share with you what an NFT is!
NFT stands for Non-Fungible-Token.
First of all , to better understand, let’s learn the differences about Fungible and Non-Fungible:
Fungible is any thing that can be traded or exchanged for something with the exact same value.The best example is money.
Let’s say, if I have a 50 dollar bill I can trade it for another 50 dollar bill; or two 20 dollar bills plus one 10 dollar bill, or five 10 dollar bills, and as many combinations as long as they are the exact same value.
Non-Fungible are quite the opposite, for example: let’s say I have a Mazda Model 6 and my best friend has two Mazda 3, we cannot trade them because they are not equivalent, each one has unique and different features.
Even though, my car can’t be traded for another car with the exact same model and even year, because I have the ownership of my car and the car keys are unique, it doesn’t matter if the other one looks identical, it’s not.
As I can sell my car and set a price, the buyer can easily sell it back to another person at a totally different price.
This is a Non-Fungible thing.
We cannot do this with Fungible things, I can trade my One dollar bill for 4 Quarters and then the person that has the dollar bill cannot trade it for let’s say two dollars to another person, because that dollar has a value.
How does this translate to blockchain?
Well, while Token’s prices are really volatile, they have a value established and have equivalence in the practice. Tokens are Fungible
In the case of Cosmicrafts we are working on Ships that will have special features and will be limited. These ships will be owned by gamers and can be used in-game to create strategies. Each Ship will be different in specs, model or rarity and will not be traded for another Ship in equivalence.
Speaking of these Ships, these are some of our planned NFTs and we cannot wait to share with you more details about them!
As always thank you for sharing this adventure with us and supporting us with so much help and motivation!
See ya next week!
Pk
