Hi there trust you're doing great, hopefully, this article finds you well, so straight into the topic for today. I know a couple of you may have come across some of this world and are probably curious about what do these words even mean, I will do well to explain this concept to my best understanding, and like I use to say feel free to do your research,

So straight into the Discussion:

What are NFT'S , is NFT a crypto coin? What is the significance of NFT. All of this are what we are going to be covering in today's blog post.

Well let break it down NFT simply stands for NON-Fungible Token So you may ask what does this means and how is it related to cryptocurrency?

Firstly we need to understand the word "fungible", In a simple term fungible means non-replaceable. well I know I can't define it that way, right? All alright then let go with the dictionary standard: fungible means goods or services contracted for without an individual specimen being specified or replaceable by another identical item; mutually interchangeable. according to the oxford dictionary, so what does this means, say for example you want to order something online may be from a store, or u saw this amazing item and then you place an order for it. basically, the item you saw in the store is not what the store owner would ship to you because they've different varieties of that item you intend on buying ranging from sizes, color, and even textile. they then ship the item to you but what you're getting is not that same item you saw online it's just a replica of that item they've in-store or from a dealer close to you.

Now say that the item you got you've grown some sort of emotional feeling to it and then you say you intend on buying the same item from the same store you got the first item from, they're basically not going to send you the same item you bought before, rather they're sending you another replica which might also look the same to the old one you got.

I do hope you got the logic I'm trying to explain so that where the word non-fungible comes from a particular good or service which can never be brought or exchanged for because you've created a value for that item to yourself, no one else in the world can get that same item that you got, cause you've created an emotional value and significant value to it. So now let say someone wants to buy this item from you, you can charge more for it. Because in our ecosystem one thing or another is either fungible or not fungible a sack of rice or any food item is fungible cause you can get it anyway but a Monalisa paint is non-fungible. Hopefully, you get the idea I'm trying to push out to you. that the basic understanding of the NF in NFT, So now let talk about Token. well, a token is just the way the word sounds like a token is said to be a value paid in exchange for a good or service. so now let bring all this world into cryptocurrency, before I explain this concept I feel it best we understand how these words are connected to cryptocurrency so to explain this we've to talk about the blockchain.

Blockchain is a open ledger created on a cryptographic network which allows people send cash interchangebly without any middle men (banks) the blockchain performs the same task as the bank but in a more open form, so let me give example: take for instance when i visit a store to buy something i present my bank card to the retailer then swipe my card into his or her pos terminal to charge for the goods i'm buying from him a message is send to my bank stating hey shina wants to pay for a commodity if i have the requested amount my bank will process the transaction and deduct the money from my account and credit the account of the retailer so the bank here are the middle men that process the transaction behind the scene a debit alert is send to me and the reatiler get a credit alert, blockchain does the same thing but in different way, the blockchain records the transaction in a public ledger open on the internet for anyone to see but used in cryptographical mode to encode the transaction you can scan the transaction in the nodes they're stored in.

I know you may ask so what has NFT got to do with all of this?

well, the thing is these let us say you own something so precious to you or valuable to you, you can then create an NFT for that item that would serve as a digital certificate that legitimizes the authenticity of your products or service. you can also see it has a way of owning copyright which indicates that this should be used in any form. so let say someone wants that thing badly he or she would have to pay a certain amount in exchange for the NFT you created for your products. which transfers the ownership entities. You can mint tokens for any kind of craft from art, music, gaming e.t.c. You can mint tokens at any time. I won't talk about how you can mint these tokens in this article cause it is a topic for another day if you want to learn about minting tokens stay tuned to my upcoming articles, where I would explain how you can mint a token for yourself in the blockchain network.

STABLE COINS

So what are stable coins just like the word stable, it is a digital coin that is merged to be stable using an assets mechanism You may ask, How? A stable coin is a cryptocurrency coin that is pegged to stable assets such as Gold or the USD against the volatility of the crypto market, stable coins are meant to be used for a day to day transaction purposes, Just like the logical idea of the cryptocurrency coin. This set of coins are not like the regular crypto coin which prices can be determined by the amount of transaction made on them or traded-in. Stable coins have the benefit that another crypto coin has, but without the volatility, the stable coin decentralized nature lowers the transaction fees process transaction fast since the intermediaries are caught of the trade chart example of stable coins are tether, USD Coin, Binance USD, DAI to mention few. stable is easy to trade with and its users regardless of how you want to trade. It helps investors in holdings and safeguards your assets against the volatility of the crypto market. Take for instance if a price of ethereum is swamping down traders or investors can swap their coin to a stable coin to ease out on the price and then swap back when the prices are. Now the question so how stable is the stable coin? well, they're stable because they're underline assets. they're four types of stable coins which are fiat-backed, commodity-backed, Crypto-Backed, and Algorithms.

Fiat Backed: These are the type of coins that are backed with real word fiat currency, that protect against volatility using the fiat currency. Commodity Backed: These are the type of coins that are backed with real word commodities such as Gold, Oil, Silver e.t.c they can increase prices. Algorithms: This type of coin is backed with algorithms.

An airdrop is a distribution of a cryptocurrency token or coin, usually for free, to numerous wallet addresses. Airdrops are primarily implemented as a way of gaining attention and new followers, resulting in a larger user base and a wider disbursement of coins.

Airdrops are for awareness Purpose, they're used by entities who are working on Crypto base projects allowing the project to gain more publicity in turn a transfer of free cryptocurrency from a crypto project will be transferred to users' wallets. ... Crypto airdrops might be a reward for signing up for a newsletter, following the project's social media pages, or another way to bring attention to the brand and attract more people to the platform.

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