Non-fungible token (NFTs) explained
NFTs present an exciting new chapter in the world of digital art, but most people aren’t aware of what’s going on under the hood. What makes an NFT an NFT?
With provable scarcity and blockchain-backed provenance, non-fungible tokens (NFTs) give artists, creators, and collectors new ways to interact with digital art. NFTs represent art that lives on the blockchain, but what does that really mean? Each NFT contains specific metadata, a unique digital signature that points to a file on the internet.
What Are Non-Fungible Tokens?
Non-fungible tokens (NFTs) are achieving widespread recognition far beyond the crypto-community circles from which the technology first emerged. NFTs have made news headlines by selling for incredibly high prices and have introduced millions of people to a new concept and model of what constitutes digital art. Suffice it to say: The NFT revolution is in full swing.
As each NFT is coded to be individual and unique, NFTs are particularly adept at representing assets like art, collectibles, and other rare one-of-a-kind items. This has far-reaching implications in the worlds of visual art, the music industry, and gaming, with more use cases emerging by the day. It’s clear that NFTs can enable a plethora of digital assets to exist on the blockchain.