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Yung Pixels' Whitepaper
  • Welcome to Yung Pixels!
  • Introduction
    • What are NFTs?
      • What are PFP NFTs?
    • The problematic NFT scene
    • The Yung Pixels Manifesto
  • Dialogue with Art
    • NFTs and Art
    • Take a sneak peek
  • Technological Overview
    • Randomness
    • ERC 1155
    • Why is $LINK needed?
    • Why Ethereum?
  • Yung Pixels' DAO
    • To be a DAO
  • Community
    • An invite upon artists!
    • Community importance
    • Discord
  • Tutorial: how to buy and reveal a YP
    • Stages of Yung Pixels
    • How to buy on the official website
    • How to reveal a Yung Pixel
  • Tokenomics
    • Tokenomics & Prices
    • Royalties
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  1. Introduction

What are NFTs?

A spectrum rounds digital art....

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Last updated 3 years ago

NFT was picked as the word of the year by the Collins dictionary in 2021. Present every day in the headlines, NFTs drew the world’s attention because of the millionaire values ​​traded by copies of digital art, and of course, also brought tons of criticism from those who considered that all the hype was just for a very well-crafted scam.

Unique value

Let’s start with the basics: NFTs are any type of crypto asset that has a unique value, that is, it cannot be exchanged for another equal asset. Hence, its name: it is a non-fungible token. Any currency can be exchanged for another one at a corresponding value. But NFTs can only be exchanged for currencies that also match their value. Think about it this way: we know that a NFT can be sold for cash, and it can be bought with that same given value. However, if this same NFT could simply be exchanged for another NFT, then neither of the two involved in the trade could be considered NFTs.

That’s the heart of the matter. Just like that.

NFTs are unique, and they work as an originality and property certificate towards an object.

The exacerbated value of some NTFs is not simply because of encryption. Encryption is just a basic feature. Many other concepts are involved, as you will see throughout this Whitepaper and in our articles on .

For more information, read the article .

Medium
Chapter 1: A short intro about NFTs