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NFT
NFT

NFT stands for “Non-Fungible Token”

“Non-fungible” more or less means that it’s unique and can’t be replaced with something else. For example, a bitcoin is fungible — trade one for another bitcoin, and you’ll have exactly the same thing.A one-of-a-kind trading card, however, is non-fungible. If you traded it for a different card, you’d have something completely different.

An NFT is a token on a blockchain, but—unlike typical cryptocurrency—it’s not fungible. A blockchain is a secure, collaborative ledger that keeps track of who owns what.

Everyone can claim that they own a designer’s arts by simply just right clicking and saving the digital copy from the internet. But, the truth is, do you actually own the official copy? Answer is no, besides the buyer who actually paid for it.

But NFTs are designed to give you something that can’t be copied: ownership of the work (though the artist can still retain the copyright and reproduction rights, just like with physical artwork). To put it in terms of physical art collecting: anyone can buy a Monet print. But only one person can own the original.

The introduction of NFT solved this problem of digital arts! NFT ties the arts to blockchains, allowing everyone to explore and certify the digital art's collector, value and authenticity of the digital arts on their fingertips.

 

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