How to explain NFT to cricket Fan?
Me: What if i tell you that there are 2 photos signed by sachin tendulkar of his winning moment. what would you do?
Fan: I would try to get that photo by paying some amount.
Me: What if i tell you that once that photo is assigned in your name, then no one else can claim it
Fan: How come that is possible
Me: Its possible using NFT, which is Non Fungible Token
Fan: Really, how come?
Me: NFT is token that stores data about your photo digitally on a blockchain, so basically you have a unique id assigned to it.
Fan: That’s so awesome. What is the benefit that i would get ?
Me: Suppose, if that photo/ piece of art is rare, as in the case of sachin Tendulkar winning moments, so every time that photo is printed as a logo by any company, you would get the royalty. If you try to sell that rare NFT, you can earn a lot of money.
Fan: So what i have to do for it?
Me: You would have to create an NFT that would be registered on a blockchain network. For example: Ethereum can be used for it as its a blockchain network. Blockchain network is like group of computers that stores the information in form of blocks.
Suppose there are 5 block of information for your nft.
Block 1 stores data of block2
Block 2 stores data of block3
Block3 stores data of block4
Block 4 stores data of block5.
So , if someone tries to change any information in any block, this list gets disrupted and new block is formed and it can be easily found out that information has been illegally changed. This is how it is safe.
Fan: Thanks for the information.