A non-fungible token (NFT) is a unique identifier that can cryptographically assign and prove ownership of digital goods.
As NFTs for digital artwork have sold for millions — sometimes tens of millions — of dollars, to say they're popular could be an undersell. In the first half of 2021, NFT sales hit $2.5 billion.
However, once you understand how NFTs work, you'll see there are additional use cases for this technology.
What is an NFT?
NFT stands for "non-fungible token." At a basic level, an NFT is a digital asset that links ownership to unique physical or digital items, such as works of art, real estate, music, or videos.
NFTs can be considered modern-day collectibles. They're bought and sold online, and represent a digital proof of ownership of any given item. NFTs are securely recorded on a blockchain — the same technology behind cryptocurrencies — which ensures the asset is one-of-a-kind. The technology can also make it difficult to alter or counterfeit NFTs.
To really get a handle on NFTs, it's helpful to get familiar with the economic concept of fungibility.
Continue reading: https://www.businessinsider.com/nft-meaning
As NFTs for digital artwork have sold for millions — sometimes tens of millions — of dollars, to say they're popular could be an undersell. In the first half of 2021, NFT sales hit $2.5 billion.
However, once you understand how NFTs work, you'll see there are additional use cases for this technology.
What is an NFT?
NFT stands for "non-fungible token." At a basic level, an NFT is a digital asset that links ownership to unique physical or digital items, such as works of art, real estate, music, or videos.
NFTs can be considered modern-day collectibles. They're bought and sold online, and represent a digital proof of ownership of any given item. NFTs are securely recorded on a blockchain — the same technology behind cryptocurrencies — which ensures the asset is one-of-a-kind. The technology can also make it difficult to alter or counterfeit NFTs.
To really get a handle on NFTs, it's helpful to get familiar with the economic concept of fungibility.
Continue reading: https://www.businessinsider.com/nft-meaning
