People like non-fungible tokens – level 3

12-07-2021 07:00

NFTs are non-fungible tokens, and they became extremely popular in 2021. They are one-of-a-kind items that can’t be replicated and they can be certified as originals.

Artists, musicians, and creators of unusual collectibles are getting crazy rich selling stuff on the Internet. The idea of exclusiveness of being the only one in the world able to claim ownership of a distinct product is the crux upon which the human history of collecting any art rests.

NFT creates a certificate of ownership over a digital file that can be tracked from the person who created it to the one who currently owns it. This has created a boom in the digital arts market, with people spending thousands of dollars on items from a green Homer Simpson trading card to horses that live online, and they exist nowhere in the physical world.

Difficult words: fungible (replaceable by another identical item), exclusiveness (the quality of being very expensive or limited to a particular person or group), the crux upon which something rests (the most important thing that other things depend on).

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