What is a Non-Fungible Token [NFT]?

About NFTs

[By staff reporters]

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According to Wikipedia, a non-fungible token (NFT) (previously referred to as Bitcoin 2.0) is a unit of data stored on a digital ledger, called a blockchain, that certifies a digital asset to be unique and therefore not interchangeable. NFTs can be used to represent items such as photos, videos, audio, and other types of digital files. Access to any copy of the original file, however, is not restricted to the buyer of the NFT. While copies of these digital items are available for anyone to obtain, NFTs are tracked on blockchains to provide the owner with a proof of ownership that is separate from copyright.

In 2021, there has been increased interest in using NFTs. Blockchains like Ethereum, Flow, and Tezos have their own standards when it comes to supporting NFTs, but each works to ensure that the digital item represented is authentically one-of-a-kind. NFTs are now being used to commodify digital assets in art, music, sports, and other popular entertainment. Most NFTs are part of the Ethereum blockchain; however, other blockchains can implement their own versions of NFTs.

Crypto Currency Basics: https://medicalexecutivepost.com/2014/01/23/understanding-currencies-bitcoins/

The Crypto-future through Bitcoin, Ethereum, Ripple XRP and IOTA

Carbon Footprint!

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The NFT market value tripled in 2020, reaching more than $250 million. The rise of NFT transactions has also led to increased environmental criticism. The computation-heavy processes associated with proof-of-work blockchains, the type primarily used for NFTs, require high energy inputs that are contributing to global warming. The carbon emissions produced by the energy needed to maintain these blockchains has forced some in the NFT market to rethink their carbon footprint.

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BITCOIN: https://medicalexecutivepost.com/2014/01/23/understanding-currencies-bitcoins/

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Comments Appreciated



6 Responses

  1. NFTs

    The ethereum co-founder explains why the NFT space has become saturated and why he isn’t interested anymore.

    Dr. David Edward Marcinko MBA



    Jay-Z and Andreessen Horowitz back a $19 million investment in NFT platform Bitski



  3. WV,
    Many thanks for the “like.”


  4. NFTs Stats:

    Sales of non-fungible tokens (NFTs) on the marketplace OpenSea hit $3 billion in August, up more than 10x the total of the previous month.

    The explosion indicates that, at least this summer, younger retail investors have left mainstream cryptocurrencies like bitcoin to the boomers.



  5. Trump NFTs

    Investing $1,000 in Donald Trump NFTs: With a price point of $99, a person could have bought 10 Trump Digital Trading Cards.

    The same $1,000 investment would be worth $2,283.5 today based on a current floor price of 0.19 ETH, or around $228.35.

    While the NFTs have fallen from a peak of around 0.84 ETH, the investment is still up 128.4% since minting went live.

    The NFTs were up 477.1% after two days and at their peak were up around 1,000%. The $1,000 investment would have been worth $9,900 at the peak price of the collection.

    Time will tell if the NFTs hold their value, but in less than a month, the collection has held up above the mint price and seen continued demand from fans, collectors and investors.



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