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Blockchain 101: Common Terms (Part 3)

Block chain 101 NFT and Metaverse

Welcome back to Blockchain 101! In Part 3 of this series, we will explore two of the on-trend terms in recent weeks: NFT and Metaverse.

1. NFT

“NFT” stands for “non-fungible token”. They are tokens that we can use to represent ownership of unique items. NFTs let us tokenize real-world objects like art, music, in-game items, and videos. They can only have one official owner at a time. NFTs are securely recorded on blockchain – the same technology behind cryptocurrencies. The technology can also make it difficult to alter or counterfeit NFTs.

NFTs can be considered modern-day collectibles. They are bought and sold online and represent digital proof of ownership of any given item. To get a handle on NFTs, it is helpful to get familiar with the economic concept of fungibility.

  • Fungible items can be exchanged with one another with ease because their value isn’t tied to their uniqueness. For example, you can exchange a $1 bill for another $1 bill, and you’ll still have $1 even though your new bill has a different serial number.
  • Non-fungible items are not interchangeable. With NFTs, each token has unique properties and isn’t worth the same amount as other similar tokens.

2. Metaverse

“Metaverse” is a term used to describe a virtual space within digital environments such as online games, social media, and virtual reality. It is a combination of the prefix “meta”, meaning beyond, and stem “universe”.

The metaverse is a concept from science fiction that many people in the technology industry envision as the successor to today’s internet. It is only a vision at this point, but technology companies like Facebook are aiming to make it the setting for many online activities, including working, playing, studying, and shopping.

It refers to shared virtual worlds where land, buildings, avatars, and even names can be bought and sold, often using cryptocurrency. In these environments, people can wander around with friends, visit buildings, buy goods and services, and attend events. With the help of augmented reality glasses, it might allow you to see information whizzing before your eyes as you walk around a city, from traffic and pollution updates to local history.

We hope the information we provide can help you enhance your Blockchain knowledge. To review other interesting terminologies, you can read Part 1 and Part 2 of this series.

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