NFTs or Non-Fungible-Tokens have taken the world by storm, especially in the past year! To start, let’s define what they are—an ‘NFT’ or ‘Non-Fungible-Token’ is a unique digital asset that cannot be replicated, that is recorded in a Blockchain and that is used to prove authenticity and ownership. NFTs can really be anything digital, like artwork, music, digital collectibles, items in video games and much more.
And the first ever AR NFT Exhibit in the U.S. is now open at the Palace of Fine Arts, where renowned artists and creators are showcasing digital work in an immersive way.
What makes an NFT unique is the information it holds. Each NFT contains identifying information that is recorded in a smart contract (bits of computer code that perform specific instructions). And this smart contract can run on one of many blockchains, such as Ethereum, Solana, Cardano and more.
Why are some of these NFTs so valuable and why are they selling for hundreds of thousands of dollars? Aren’t they just images that we can “screenshot”? Our brief answer is—just like copies of the Mona Lisa do not have the same value as the original, copies of NFTs can easily be differentiated from the original.
Artists and creators are getting into the NFT space seeking a growing market where they can sell their work. Also, artists can enable a feature in NFTs that lets them make profit every time their NFT sells or changes hands.
There is no doubt that this technological breakthrough known as Non-Fungible-Tokens is massive, and whether you’re an artist or a collector, it is definitely worth diving into.