These days wherever you go or whatever you use, there is a slightest hint of "Machine Learning" invloved and you definitely wonder what in the Earth do "Machine Learning" mean. Machine learning is a very interesting topic and once when you're into it, there's no going back, you're gonna just want more of that. Machine learning just exists everywhere, every recommendation you receive on any popular platform, there has to some machine learning algorithms involved in it. Actual Definition- Machine learning is the study of computer algorithms where the machine is trained to improve automatically through experience and from the knowledge of data. In simple words, you instruct the machine with codes to learn something and it can replicate what it learned. It can improvise over data and efficient algorithms. Generally machine learning involves a lot of mathematics and hell load of data. Machine learning is a part of our life even without knowing that it eve...
If you're upto the current trend, there is a chance You might probably be wondering what an NFT is! If you probably haven't been up to the latest trend in technology, this blog is for you.
NFT stands for non-fungible tokens , okay that doesn't have to mean anything yet. "Fungible" means which can be traded or replaced. Non-fungible means it can't be replaced or traded again. These things are uniquely identified and it differs from cryptos like "Bitcoin" which is fungible. Now, token is like a unique identifier for a thing. A token here represents a digital value or a right to what is sold or giving being accessed to.
A digital token can facilitate a transaction through a decentralised technology, yeah that one "Blockchain". A decentralisation technology just means, whoever has control or authority over any centralised transactions, has to pass their authority to distributive networks. The organisation no longer holds access to the ledger or the records. Blockchain has just adopted the same technology and the transactions in the ledger is now open to everyone who does a transaction digitally using Blockchain.
A Non-fungible Token is kinda a certificate of real authenticity which shows that you own a digital collectible. A digital collectible can be art, music, domain names, virtual worlds, trading cards, collectibles, sports, utility. Most of the NFTs are sold majorly through the Crypto "Ethereum" and other cryptos too.
NFTs is a place of showcasing the artistic talent of an individual and a place where we can appreciate the beautiful piece of art showcased there. It can be sold, sold again and again. The item is bid in the platform and sold to the one who bids for the most. So yeah there it is, we can make money using NFTs and that is one of the main reason that NFTs are in the current trend. According to Chainalysis, collectors and investors have sent over 40 billion dollars to NFT marketplaces in 2021 and it is now at 37 billion dollars which is yet to beat the last year's mark.
Bored Ape Yacht Club - Popular Collection of NFT
NFTs may claim to provide a certificate of ownership but it still doesn't stop one from sharing or copying the related digital files , doesn't properly convey the copyright of original digital files. It can't even prevent the creation of NFT which are very identical with one's that do already exist. You may retouch an avenger art and sell it, but the copyrights belongs to Marvel and NFTs just doesn't care. If you physically buy an art from an art gallery, you permenantly own the rights of it and just hang it in the walls of your home. But these so called "digital" ownership doesn't allows you to trade but only re-sell it, the NFT which you have can possibly be recreated and there is no reason that anyone should get it from you. Get me properly, this is just the beginning of the NFT trend and maybe it's not the right time to invest in it. You can buy and sell NFTs in applications available in playstore, appstore and online websites. It's not a scam, I just want people to be cautious before investing in NFTs. You can hold as much as NFTs you want with cryptos. Ethereum is majorly used and lot of power is consumed to mine cryptos and that is so not "Environment Friendly".
Digital creators and artist can make a living while investors continue to exploit any trend which makes money. This is against everything a real artist stands for in the real world. The physical art can be digitalized, copied, replicated with minor changes and are being sold. The sole motto of art is being lost and makes me question the existence of "NFT".
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