LIVING IN IBADAN #NIGERIA – LAND & PROPERTY PRICES IN IBADAN (REAL ESTATE IN IBADAN)
- April 11, 2021
- Real Estate Business
Real estate in #Ibadan is the next thing. The land mass of the…
Logan Paul just made a whole lot of money selling an NFT. Here’s everything you need to know.
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Logan Paul just made more than $3.5 million dollars in one day selling NTFs.
What is an NFT?
-Stands for non fungible token
But what does that mean?
-Well, fungible means the ability of a good or asset to be interchangeable with other individual goods or assets of the same type.
-An asset that is fungible is the best kind of asset to use in trade
-The prime example of a fungible asset is cash. If someone gives you a $100 dollar bill and you give them back 5 $20s no one gains or loses anything because cash is fungible
-The same thing would be true if you gave me an ounce of gold and I gave you back another ounce of gold. They are both worth the same
-Other fungible assets are commodities like corn or wheat
A non-fungible asset is one that cannot be substituted identically for another
-More traditional non-fungible assets include real estate, art work, and now specific encrypted digital tokens
A token in this case refers to a digital certificate stored on a distributed database known as a blockchain, the same way your favorite cryptocurrency is stored with a system of public ledgers that can prove the legitimacy of any individual token.
-So a NFT is a non substitutable digital asset that is publicly verifiable.
-This means with the exception of being hacked it is a way to hold an asset in the digital world where things are typically 100% reproducible. A true way to show ownership of something digital.
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