Despite the fact that this tweet is publicly available as a free digital item to look at whenever anybody wants, as of 6th March, the highest offer for buying this tweet was over $2.5 million🤯
What does “buying” this tweet actually mean?🤔
What you are purchasing is a digital certificate of the tweet, it is unique because it has been signed and verified by the creator and “only one” of this is existing all over the universe and you own that exact piece.
So What exactly is NFT?
NFTs, or Non-Fungible Tokens, are blockchain-based records that uniquely represent pieces of media.
The media can be anything digital. Here, “Non-fungible” more or less means that it’s unique and can’t be replaced with something else. For example, our fiat cash are fungible — trade one for another, and you’ll have exactly the same thing or a different thing with same value.
Ownership of these assets are recorded on a blockchain. NFTs are currently kept in the same blockchain logs as a cryptocurrency called Ethereum.
They’re like a unique collectibles in a forever-open store window that anyone can admire, but only one person (or cryptocurrency wallet, to be exact) can own at any given time.