NFT means Non-Fungible Tokens – a token that is one of a kind. You can’t exchange a non-fungible token for another token. For example, while you can take a photo or print the artwork, there can only be one original piece of art. To give you a clear picture, bitcoin and the fiat dollar are fungible tokens. This means you can exchange bitcoin for another bitcoin.
In essence, NFTs are digital assets such as music, videos, and art with unique identifying codes. They contain digital signatures which serve as proof of ownership, enabling buyers to own an original item and bragging rights. In other words, the tokens can only have one owner at a time. This signature makes it easy to prove and transfer the ownership. Think of an NFT as a certificate of ownership of virtual assets.
These modern-day collectibles are developed and recorded securely on blockchain technology. This makes it very difficult to counterfeit or alter NFTs. Using tokens has become a preferred way of buying and selling artwork and other unique digital items.
Are NFTs the Same as Crypto?
Are NFTs and cryptocurrencies the same thing? The direct answer is that cryptocurrencies and NFTs are two different things. Essentially, cryptocurrencies are digital tokens used for online payment and storing value, while non-fungible tokens show ownership for digital items.
That said, non-fungible tokens and cryptocurrencies share some similarities. For instance, they are developed using blockchain technology. Typically, NFTs are developed on the Ethereum network, but other cryptocurrencies networks also support NFTs projects.
How to Buy NFTs
At this point, you are probably convinced to start your NFT collection. Here is how to go about owning a nonfungible token;
- The first thing you need is to get cryptocurrencies like Ethereum or LARA. You will use this cryptocurrency to buy the tokens depending on which virtual currency the NFT provider accepts.
- Once you get the cryptocurrencies, you need to open a crypto wallet to store your crypto and NFTs.
- Buy your preferred tokens from online exchanges like OpenSea and Rarible.
NFTs in Healthcare
ELARA and the cryptocurrency LARA have partnered with Health-Connect to enable patients to digitise and monetise their health information by turning health data records into non-fungible tokens. Remember, health conditions are unique. This is where the LARA cryptocurrency comes in handy.
An Easy Means of Payment for Healthcare
Patients receive LARA cryptocurrency when they choose to sell their health data NFTs to researchers. You can then exchange LARA for ordinary virtual money. Using blockchain technology, the patients can decide who to share healthcare data with and track how its utilised, transferred and stored.
Streamline Healthcare Sector
Poor health data management is a major problem in the health sector. It leads to cases of unnecessary treatment due to misdiagnosis, double filling, and over-prescription. These health-related errors are not only costly but pose a grave danger to patients. NFTs and blockchain will help fight counterfeit pharmaceuticals.
At the basic levels, NFTs will eliminate human error and enhance the quality of healthcare. Patients will be able to verify the healthcare practitioner’s credentials, eliminating the possibility of fraudulent practitioners. In addition, they can track medicines back to the manufacturer, initial prescription, and expiration date eliminating the possibility of tampering with the medicines.
Remember, NFTs are relatively new inventions with immense growth potential. The last thing you want is to miss this big revolution and reap big when the market finally explodes. Contact the ELARA team today to learn more about owning LARA virtual currencies and monetising your health data.