What exactly is Non Fungible Token Technology? Simply put, a non-fungal token is a device of information stored on a virtual ledger, often called a block chain, that verifies a digital commodity to be completely unique and so not interchangeable with another similar item. NFTs are used to represent things like images, videos, music, and other forms of digital data. The key advantage to NFT over the more traditional approaches in tracking software, is that NFTs have the property that if they are tampered with or copied, no one will be able to alter the underlying token itself.
To make things more clear, let us imagine that a smart phone has an application which sends out a tweet every time somebody tweets at the hash tag which corresponds to some URL on the phone. Now suppose that there is someone who Tweets at something that happens to correspond to this URL. Suppose further that there is another person who views the hash tag in the same context, with the same goal in mind, and who Tweets back. When these two folks go back to their computers, they both see that the same Twitter post happened to have been Tweeted out twice. Now this is a classic example of two parties tracking each other’s activities.
Well, maybe the key here is that when these two people go back to their computers, they both have a copy of the same tweet, which was Tweeted twice. Now obviously this is not the key point that need to be understood, but if you look at the way that the cryptopunks work, you’ll see that it is. So, basically what the cryptopunks are doing is each of these entities is building a super-block of information, a database, of sorts, which they then each run their program/code/sneakware in. It runs the nft logs through this giant super-block, and it then indexes all of the information which is stored within it. They then pull out the best parts of this large database for use in each of their operations.
In this day and age, what is really important is for there to be an industry built around what is called NFT or Non-Fungible Token Function. This is essentially an algorithm, which is used inside of each of these blocks, to build a sort of digital content. What is interesting about this is the fact that this content, which is essentially digital, is not supposed to be destroyed, or altered in any way. That’s a big challenge for somebody who wants to get into this business, because one of the things that is needed in order to make money in this industry is that the company needs to be able to build up this database, in order to be able to monitor and prevent theft of their company’s digital content.
If we look at the way that Twitter and Facebook work, we can see that they are both able to do just that, which is to sell nfts, which is the content which is built up by the various block websites. When you take the example of Facebook, we can see that it allows users to create and share pictures. You can also add comments, as well as post other bits of information, such as news and videos.
Basically, when you create content on Facebook, and post it on Twitter, you are in effect selling nfts, which are the non-fungible tokens which are built up by those companies. So, what happens when you post on Facebook and then go on Twitter? What happens is that both sites will cross-reference their databases and check to see if there is any content online which matches what you posted on Facebook. If there is, then it will flag it, and it will usually cost the user to remove the post from their profile.
As we can see, there are two major differences between the two, when we look at both Twitter and Facebook. Cryptocurrencies, which are made up of digital currencies, such as NFT, have been one of the main focuses of both companies, due to their high potential for profit. However, when it comes to the actual content on the Internet or using the social networking aspect, Twitter is clearly more favoured, as this is where people are more likely to share the stories that they themselves are reading. This has been used as a strategy by the company, as to try to capture the market that exists within the realm of Cryptocurrency. It should be noted however, that NFTs have also been used as a marketing tool, as well.
There will come a time when both of these platforms will have to decide which is going to dominate. Right now, it looks as though Facebook may be the company to beat. However, it will take some time for them to determine whether or not to allow NFTs on their platform. If they do, then it would seem as if we will once again be seeing the rise of what is known as “NFT Art”, as artists begin to sell nfts through their pages.