TeenHelp
Get Advice Quick Ask Support Forums Today's Posts Chat Room

Get Advice Connect with TeenHelp Resources
HelpLINK Chat and Live Help Facebook     Twitter     Tumblr     Instagram    Safety Zone
   Hotlines
   Alternatives
   Calendar


You are not registered or have not logged in
Hello guest! (Not a guest? Log in above!) As a guest you can submit help requests, create and reply to Forum posts, join our Chat Room and read our range of articles & resources. By registering you will be able to get fully involved in our community and enjoy features such as connect with members worldwide, add friends & send messages, express yourself through a Blog, find others with similar interests in Social Groups, post pictures and links, set up a profile and more! Signing up is free, anonymous and will only take a few moments, so click here to register now!



Technology, Gamers and Gadgets This forum is for discussions about your games, technology, the latest apps or cool gadgets

Closed Thread
 
Thread Tools Search this Thread Rate Thread
  (#1 (permalink)) Old
Ennui. Offline
Living the dream.

TeenHelp Superstar
**************
 
Ennui.'s Avatar
 
Name: Dez
Age: 27
Gender: ¯\_(ツ)_/¯
Pronouns: She/They
Location: Connecticut, USA

Posts: 20,047
Points: 172,387, Level: 59
Points: 172,387, Level: 59 Points: 172,387, Level: 59 Points: 172,387, Level: 59
Blog Entries: 172
Join Date: November 16th 2010

What are NFTs? - February 15th 2022, 08:13 PM

I keep seeing things about NFTs and how bad they are, but I have been afraid to admit I don't actually understand what they are What's an NFT?


Do you ever get a little bit tired of life
Like you're not really happy but you don't wanna die
Like you're hanging by a thread but you gotta survive
'Cause you gotta survive
  (#2 (permalink)) Old
DeletedAccount81
Guest
 
DeletedAccount81's Avatar
Edit avatar
 

Posts: n/a

Re: What are NFTs? - February 15th 2022, 08:45 PM

According to Wikipedia, it's some dark web cryptocurrency thing.
  (#3 (permalink)) Old
eaty Offline
Staff On Leave

Experienced TeenHelper
******
 
eaty's Avatar
 
Name: Sarah
Age: 30
Gender: Female
Pronouns: She/her
Location: New York

Posts: 580
Points: 34,042, Level: 26
Points: 34,042, Level: 26 Points: 34,042, Level: 26 Points: 34,042, Level: 26
Blog Entries: 416
Join Date: January 5th 2009

Re: What are NFTs? - February 15th 2022, 09:38 PM

Not dark web.

Basically a NFT is a image that has gone through a process to make it one of a kind, that gets traded around for a lot of money. But it has to go through a lot of channels to become one, and works in similar ways to cryptocurrency. And the process to buying one is basically luck, because one will go for auction, you enter a queue and may or may not get a chance to buy one.

My husband has a coworker who is huge into cryptocurrency and now NFTs and actually bought one over the weekend. And my husband was reading me texts this morning of his coworker explaining it to him, and this is all I could remember. Cause it was very complicated.

So in short, it is a one of a kind image that people buy and resell to try and get more money.


Lead Moderator, Chat Officer and Disputes Committee Member.
PM me Anytime if you need anything.
  (#4 (permalink)) Old
Storyteller. Offline
Spite and coffee.

Jeez, get a life!
***********
 
Storyteller.'s Avatar
 
Name: Charlie
Pronouns: they/them
Location: on the ladder

Posts: 7,303
Points: 106,591, Level: 46
Points: 106,591, Level: 46 Points: 106,591, Level: 46 Points: 106,591, Level: 46
Blog Entries: 100
Join Date: September 20th 2009

Re: What are NFTs? - February 19th 2022, 10:38 PM

I'm not an expert on the subject, so anyone with more information is more than welcome to correct me.

Essentially, an NFT is a bit of data stored on a blockchain that's linked to a digital file (most commonly an image, but it can be video, audio, etc). What makes it non-fungible is that once that data is on the blockchain it can't be removed or modified and the token is specifically identifiable (as opposed to, say, bitcoins, which are all interchangeable with each other), which effectively makes it one of a kind. If you buy an NFT that's been minted (put on the blockchain), a record of that transaction is stored in a way that can be viewed but not altered, and from there you can sell or trade it. So you're kind of buying proof of ownership rather than the digital file itself, which in most cases can easily be copied (for example by right-clicking an image to save it).

There are minting and transaction fees, and most of the value of a token is speculative - you buy it now because you think it will be worth more in the future. This property predictably leads to a pretty high prevalence of scamming and is also the reason of a lot of people who are into NFTs are very vocal about it. The more people they can get involved, the more money they can potentially earn (often by banking on the fact that the people who get involved after them will actually lose money).


Validating these transactions also take a lot of computational power, which is why there are environmental concerns with both NFTs and cryptocurrency (which are intrinsically linked anyway). It's hard to calculate the carbon footprint exactly, but it's definitely substantial. The mining of cryptocurrency and minting of NFTs also leads to an increase in demand for devices able to perform these computations, which can drive up prices and contribute to issues such as the global chip shortage (which is affecting manufacturing and availability of a lot of technological devices).

Environmental issues aside, there's also the question of ownership. When you buy an NFT, all you get is proof that you bought it. That doesn't necessarily mean that the person who sold it to you was the original creator or even had the right to sell it to you, and it also doesn't confer copyright to you. There have been a lot of cases of people (including some who are deceased) having their artwork stolen and minted without their permission, and because of the way the whole process works it can be very difficult to pursue any legal action once that occurs - or to prevent it from happening in the first place.

There are other issues with the industry, for example privacy and security, but this should hopefully be enough of an introduction into what NFTs are and why you've been hearing that they're bad. Let me know if there's anything you didn't understand/I didn't explain properly, otherwise I hope this was at least mildly helpful!


"Love means never having to say
you're a werewolf."
  (#5 (permalink)) Old
Astro04 Offline
Member
Junior TeenHelper
****
 
Astro04's Avatar
 
Name: Luca
Age: 20
Gender: Male
Location: Alessandria (AL)

Posts: 327
Points: 4,841, Level: 10
Points: 4,841, Level: 10 Points: 4,841, Level: 10 Points: 4,841, Level: 10
Join Date: August 18th 2020

Re: What are NFTs? - February 20th 2022, 07:37 AM

An NFT is an acronym of Not Fungible Tokens.
I agree with wingless, that's exactly what it is. I think these informations are pretty correct and exhaustive!
  (#6 (permalink)) Old
rachb Offline
Member
Welcome me, I'm new!
*
 
rachb's Avatar
 
Age: 35

Posts: 3
Points: 36, Level: 1
Points: 36, Level: 1 Points: 36, Level: 1 Points: 36, Level: 1
Join Date: April 30th 2022

Re: What are NFTs? - April 30th 2022, 11:09 AM

Thank you for these information. I once tried a game called PVZ, my friend said it was an NFT game. I spent over $130 and didn't gain anything. I just don't understand it and have no time to study it
  (#7 (permalink)) Old
Doodle. Offline
Member
Jeez, get a life!
***********
 
Doodle.'s Avatar
 
Name: Ceilidh
Age: 32
Gender: Non-Binary
Pronouns: Any/All
Location: Wales, U.K.

Posts: 5,947
Points: 122,273, Level: 49
Points: 122,273, Level: 49 Points: 122,273, Level: 49 Points: 122,273, Level: 49
Blog Entries: 190
Join Date: August 31st 2009

Re: What are NFTs? - May 2nd 2022, 04:11 PM

Here’s a good YouTube video I watched a few days ago

https://youtu.be/IZaTd0hDtkI


"Life isn't about finding yourself. Life is about creating yourself."
Closed Thread

Bookmarks

Tags
nfts

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Rate This Thread
Rate This Thread:

Posting Rules
You may post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


 
User Infomation
Your Avatar

Latest Articles & News
- by Rob
- by Rob

Advertisement



All material copyright ©1998-2024, TeenHelp.
Terms | Legal | Privacy | Conduct | Complaints | Mobile

Powered by vBulletin®.
Copyright ©2000-2024, Jelsoft Enterprises Ltd.
Search engine optimization by vBSEO.
Theme developed in association with vBStyles.