The PAID Ecosystem & the World of NFTs
From 8-bit Cryptopunks to cartoon Apes, NFT-mania has taken every blockchain ecosystem by storm. On the surface, NFTs look like plain jpg images, but why are people paying up to $69 million dollars for them? And are they just a phase or does the technology actually have value? In this article, we discuss all the above and more, so stick around!
NFTs stand for Non-Fungible Tokens, but what does that mean? Put simply, Non-Fungibility means the token is unique and cannot be traded or replaced with another one of its kind. For example, there are many Golden Retriever dogs in the world, but no two of them are the ‘same’ and so can’t be replaced with one another — just like NFTs.