What is an NFT?!

The letters NFT stand for Non-Fungible Token. Ok, so what does fungible mean?! Good question, it’s not a commonly used word. 

Fungible means something that is not particularly unique and can be replaced by something just like it.

For example, if you have a dollar bill in your wallet and your friend has one, you can exchange your dollar bills with each other and you have the same value and really your life hasn’t changed much!

So money is fungible, gold is fungible, heck your coffee table is fungible and can be replaced with an identical one if needed.

But you are Non-fungible! You are unique. So is the Mona Lisa painting or that old car your friend is restoring. There is no one just like you or a painting just like the Mona Lisa! Unique things are non-fungible. 

A token is basically a voucher that serves as a representation of an item. A movie ticket is a token for example. It represents your right to enter the theatre and see the movie. 

So a Non-Fungible Token is a unique representation of ownership.

Recently, NFTs have become very popular as digital contracts or “smart contracts”.

They are stored online in digital form and are made unchangeable, secure and private by using blockchain technology.

Ok, so what’s a blockchain?!

A blockchain is just a collection of transactions, or items, like the lines of groceries in your grocery list. Each grocery item is like the transactions in a block and the whole grocery list is a block of information. On a blockchain, blocks of information are tied together and connected into a chain of blocks. So your grocery list tied to your neighbors grocery list, and to another one and so on creates a chain of blocks of information… aka a blockchain!

The power of blockchain technology is that it isn’t just stored on one computer. It’s stored on hundreds or thousands around the world. So it makes it very difficult to hack (change the information) because if one copy on one computer changes it is compared to the others and they quickly figure out something is wrong. And it is disallowed. No particular person, company or government is in charge of the group of computers maintaining the blockchain. So the information is very secure. 

So…an NFT is really a unique digital contract stored all over the world at once in a very secure way. 

This is powerful.   It is changing the world and the way business is done!

Although early uses of NFTs are well known for digital art, the possible uses are limitless. In five to ten years we will look back on how we remember the pre-NFT era like we look back on the days before you could make video phone calls on your smart phone and wonder how we lived without it!

MAVEN Clients are using this amazing NFT and Bitcoin blockchain technology to allow people to have a secure digital contract. 

This has never been done before!

And your NFTs can be traded on the Maven  marketplace, an online Bitcoin marketplace that specializes in NFTs that represent real world assets or tangible things.

Now that you understand what an NFT is and what it can do, we hope you choose to join our MAVEN family and become an owner of one or more of our unique NFTs.