A Guide to NFTs
Non-fungible tokens are assets on the blockchain and pose incredible new ways of distributing and selling art. This article is aimed at artist who want to understand what it is all about and how to get involved themselves.
What are NFTs?
Non-fungibel Tokens are assets on the blockchain.
A fungible asset is like the coin of a currency, every dollar is equally worth. A Dollar is a dollar is a dollar. When you exchange one dollar to another you lose and win nothing. An art piece however is non-fungible. There is only one Monalisa on this planet. It is a unique asset. The same is true about nfts on the blockchain. A smart contract on the chain declares you the sole owner of a certain asset – let’s say a digital art piece. This smart contract also points to a cloud directory where the file of the art piece is stored. Like this the owner of the art piece, where it is, when it has been created, who it has belonged to before is all stored, secured and verifiable on the blockchain.
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There are many use-cases for nfts. There are tokenized digital art-pieces, collectibles like digital cards, patents, web-addresses, clothing, real-estate and many more.