You keep hearing about them.
Everyone’s talking about them.
BUT WHAT THE F*#$ ARE THEY?!?
NFT’s (NON-FUNGIBLE TOKENS) = DIGITAL ASSETS W/ VERIFIABLE SCARCITY, ORIGIN, AND OWNERSHIP.
COLLECTIBLES
ART
GAME ASSETS
Anything digital that may be worth proving ownership over can be an NFT. This technology is being applied in the above fields as you read this, but there are no limits to how it will can be applied to other industries.
In Detail :
NFTs use blockchain technology, the same tech that gives Bitcoin value, to provide digital assets (think video game skins, digital art, and digital baseball cards) true ownership. This technology also allows you to prove who created the asset, such as an artist or author, as well as when it was created, how many times it’s been sold, how much it was sold for, and more.
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But can’t you just Screen shot it?
Sure. But you can take a picture of the Mona Lisa too, and it’s not like you own it. In actuality, Non-Fungible Tokens solve problems the real world still struggles with in the case of counterfeits. When a piece is minted on the blockchain, it’s forever given true provenance. From that point forward, all transactions will be recorded on the chain and forever tied to the token. Who owned it. When. How much it sold for. All of this is now forever tied to the digital asset.
But I can’t touch it!
Sure you can. Another positive that blockchain technology brings to the space is ease of accessibility. As a collector of many digital cards, lugging around all 70,000 of them would be difficult. Thankfully, they live on my phone. They’re accessible through the web. There’s the Meural frame by Netgear. Or you can check out the Samsung Frame.
My personal favorite is Infinite Objects, a digital frame that will only ever display ONE image/video of your choosing.