Introduction to NFTs

#12

Tuesday

25/01/2022

Good afternoon everyone, I hope y'all had a good night rest? I did too even though it was short and cold. These recent nights have been specifically cold and this harmattan had also been so dry and my experience with this harmattan and the charges that come with this weather is also surprising on its own (yeah, electric charges😂). Just yesterday, I went out to pack my clothes that I just sun-dried in less than two hours, on my way back in, I could hear some sparks on the cloth but it still felt normal as per the harmattan but as soon as I was about to enter the house and I touched the door knob, there was this shock that I can't explain, it wasn't for long because I removed my hand so fast to call my brother from inside to open Which didn't shock him, that implies that the cloth must have charged me up. It was nice experiencing physics there even though I was scared but I didn't stop there as I also went ahead to try if I'd see sparks on my head too as we were taught in physics in secondary school, so I was awake till midnight and went in front of the mirror to comb my hair, GOD!!! its was fun combing my hair with sparks😅, I could see yellow little sparks on my hair but I had to stop so that I won't burn my hair. 😂 Science is beautiful ❤️

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Introduction to NFTs...

What are NFTs?

NFT is an acronym for Non Fungible Token, non fungible in the sense that it is not replaceable. NFTs can be anything that can be digitalized, be it pictures, video clips or paintings, once it can be digitalized, it can be an NFT. A lot of people don't tend to understand how it works and you might be wondering how a newbie like me got that knowledge so fast but I've been doing my assignment on NFTs and it has been an interesting journey so far. Most NFTs are built on the etherium Blockchain. what is Blockchain? The blockchain technology is a development that has come to substitute the functions of the bank in the sense that banks just validate transaction data, they don't really deal with cash and that's what the Blockchain was able to provide without government or individual policies because it is decentralized. Transactions of any amount can now be made via this technology with less stress. Most NFTs built on the etherium Blockchain are that of paintings and the mosy popular question people ask is why these NFTs are so expensive and I'm going to give a cheap reason, it's your homework to find other reasons.

The reason behind it's high price

• Etherium gas fee

I am not very sure about this but it's my suspension that this might be a reason because etherium is one of the coins with a very high gas fee and it has posed to be a major challenge for crypto dealers and I guess that could be a reason for the high price because most of the NFTs are built on the etherium Blockchain like earlier explained.

• The psychological hype

This is the basic reason which I would go into details in the next article but the need to gather wealth is a major want by humans and we tend not to have what to do after gathering such wealth that we now start spending on what might seem to have value later. The hype and the influence behind this NFT is the reason behind the high price which I'd continue to explain in my next article...

To be continued...

Thanks for reading ❤️