Understanding Non-Fungible Tokens (NFTs): A Comprehensive Guide for Newbies | The Guardian Nigeria News - Nigeria and World News ⬇️
Non-Fungible Tokens, or NFTs, swiftly remind me of the stolen Benin Bronze by British soldiers who pillaged the Benin Kingdom. Let me give you a gist if you are unfamiliar with the history. In 1897, 1500 British forces invaded the Benin kingdom. The monarchical palace was burned and pillaged, and the oba was exiled to…
That is no exception, as artistic pieces like the Ngonnso, and Tangue, among several others stolen from Cameroon and other African nations, are yet to return to their rightful owners. Throughout African colonial history, our heritage got stolen by the oppressors. Non-Fungible Tokens are unique digital assets representing ownership or proof of authenticity of a specific item or piece of content such as artwork, music, videos, virtual real estate, and more. Unlike cryptocurrencies like Bitcoin or Ethereum, which are fungible and can be exchanged on a one-to-one basis, each NFT is distinct and cannot be replicated or substituted.
A 1000 Naira note has the same intrinsic value as another 1000 note. However, two artistic pieces from different artists, or even the same artist, don’t share the same value.NFTs are built on Blockchain technology, most commonly on Ethereum, which ensures their scarcity, security, and transparency. Each NFT is created, verified, and recorded on the Blockchain, providing a permanent and immutable record of ownership.
Blockchain transactions are naturally ultra-cheaper and faster. However, the Ethereum network is experiencing scalability issues, and as the technology evolves, these are some of the bottlenecks.
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