Introduction
In this post, we’ll explore some of the basics of non-fungible tokens (NFTs) and how you can use them to formalize your digital art collection.
What’s an NFT?
NFTs are non-fungible tokens. Unlike cryptocurrency, which is fungible and can be traded as a whole, NFTs are unique items that cannot be broken down into smaller units. This means that an NFT can be sold as one unit, but it’s impossible to break it down into multiple parts and trade them separately.
How does NFT ownership work?
This is where things get really interesting. To own an NFT, you must be able to verify that you have the right to do so. For example, if someone sold a digital representation of their dog named “Chewbacca” on the blockchain (which is possible), then they would need to prove that they own Chewbacca by providing proof like a photo or video of him/herself with their pet and showing ownership documents like vaccination records and vet bills. This requires verification from both parties: buyer and seller.
NFTs are unique digital assets that exist in cyberspace until they’re transferred or traded on secondary markets. This means they cannot be duplicated and cannot be counterfeited because all records are stored on tamper-proof blockchains which are shared by thousands of computers around the world—and no one can change them without significant effort and expense!
NFTs make digital art formal and collectible!
NFTs are digital art. They’re collectible. And they’re the new way to own art, music and video games. They’re also a new way for artists to make money: no middlemen or record companies involved.
Conclusion
NFTs are a new way to own digital art. They’re like having a piece of your favorite song or movie on vinyl, but they don’t need to be kept in an expensive case—you can keep your NFTs wherever you want! And because of their unique nature, the way we use them is also different from other types of ownership: when you buy an NFT, it doesn’t just go into your wallet until you spend it at some shop or restaurant someday (or on eBay). Instead, it stays locked up until someone withdraws funds from their account with some kind of proof that they own what used to be called “crypto currency.” For example: maybe they have the private key associated with that specific token address that only makes sense if we know who owns what balance within it first.
