Introduction to NFTS
Introductory lecture to NFTS. What are NFTs? NFTs stand for Non-fungible Token which are tokens that can't be swapped for another. For instance a 500 naira note in your pocket is the same note in mine, that's what fungibility means. But a NFT is unique and can't be duplicated anywhere else in the world. That's what non-fungibility is. And unique items have more value compared to non- unique ones. And that's where the concept of demand and supply comes in, If there's a lot of demand for a unique NFT collection, there'll be increase in it's cost because people value it, and there's no amount that's "too much" when it comes to the valuation of a unique item. That's why people would pay 150k+ for an Azul in a club and not for a Hennessy bottle because they term it more valuable than the Hennessy... And that's why we have people paying hundreds of thousands to millions of dollars for images JPEGs that you may see as ...