“Non-fungible more or less means that it’s unique and can’t be replaced with something else. For example, a bitcoin is a fungible trade we exchange for another bitcoin, and you’ll have exactly the same thing. A one-of-a-kind trading card, however, is nonfungible. If you traded it for another card you have something completely different.
How do NFTs work?
Most NFTs are a part of the Ethereum blockchains. Ethereum is a cryptocurrency, like bitcoins or dogecoin, but this blockchain also supports the NFTs, which store extra information that makes them work differently from an ETH coin.
What is worth picking up at the NFT’s supermarket? NFTs can really be anything digital ( such as a drawing, music, or your brain downloaded and turned into an AI ), but a lot of the current excitement is around using the tech to sell digital art. The founder of Twitter sold one for under $3 Million.” Michael Clarks, The Verge /08/18/21
What prompted my interest and curiosity about NFTs was a PC Game article covering how “Evolved Apes” NFT creator
“Evil Ape” disappeared with $2.7 Million.” They also state that ” buyers got the NFTs (digital renditions of Gorillas), but a promise of a fighting game built around them went up in smoke.”
Vice reports a week ago that after Evolved Apes went live, the head of the project vanished, taking 798 Ether – worth roughly $2.7 Million – with them. The official Evolved Apes Twitter account and website are also gone.
“People are trying to file police reports but the problem is this is an unknown turf while unethical, not technically illegal. We all got what we paid for” – Mike Cryptobull.
If promises had been made and those making these promises disappeared, taking money, this is fraud in any country. Promises that involved money exchange are contractual. I hope the thieves are found and prosecuted.
Learn more about finance terms at Investopedia
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